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More Reading from MarketBeat Qualcomm's Sudden Reversal Signal Could Catch the Bears OffsideSubmitted by Sam Quirke. Posted: 2/27/2026. 
Key Points - After a brutal 30% slide that erased nearly two years of gains, Qualcomm is showing early signs of stabilization.
- A bullish MACD crossover deep below zero suggests downside momentum may be exhausting itself.
- With fresh analyst upgrades starting to land and price action firming above recent lows, a base is starting to take shape.
- Special Report: [Sponsorship-Ad-6-Format3]
After collapsing nearly 30% between early January and early February, tech giant Qualcomm Inc (NASDAQ: QCOM) is trading around $145. The selloff has pushed the stock back to 2020 levels. While the stock was already under pressure, the primary catalyst for the drop was the company's weak forward guidance in its first report of the year. That disappointment accelerated selling in a stock that has long frustrated investors, despite consistently topping earnings and revenue expectations. Following the selloff, Qualcomm's relative strength index (RSI) plunged toward multi-year lows, sentiment collapsed, and many analysts began throwing in the towel. For a company in a critical part of the semiconductor ecosystem, the capitulation looked definitive. Yet over the past fortnight something has shifted, prompting investors to ask whether the worst of the selling is already behind them. Let's take a closer look. A MACD Signal That Matters In mid-February, Qualcomm's moving average convergence/divergence indicator (MACD) registered a bullish crossover while still well below the zero line. That detail matters: a bullish crossover above zero often simply confirms ongoing strength, but a crossover from deep below zero tends to indicate downside momentum has reached an extreme and is beginning to unwind. Put differently, it can signal the early stages of a reversal rather than mere continuation. During January and early February every bounce was sold into and momentum remained decisively negative. Now, a string of consecutive green sessions suggests short-term control may be tilting back toward the bulls, especially when you factor in the MACD's bullish crossover. The last time Qualcomm saw a similar MACD crossover from deep below zero was last April, after the stock had also fallen roughly 30%. That signal marked a low and was followed by a multi-month rally of about 70%. For investors who like a comeback story, it's a compelling setup. Price Action Is Quietly Improving The recent technical signal is not occurring in isolation—price action is beginning to cooperate. The bears have failed to break the immediate post-earnings low, despite the doom-and-gloom commentary at the time. Instead, the stock has turned north. That doesn't mean the downtrend is broken, but the relentless selling pressure has eased. For a stock that surrendered two years of gains in a matter of weeks, stabilization is notable. When a deeply oversold name begins to rally after bad news rather than sell off further, it often means the worst-case scenario is already priced in. Analysts Are Starting to Shift The technical improvement has been accompanied by a subtle change in tone on Wall Street. Earlier this year many analysts downgraded Qualcomm or trimmed price targets following the weak guidance. In line with the stabilizing price action and bullish technical indicators, that wave of caution now appears to be softening. This week Wells Fargo lifted its rating from Underweight to Equal Weight, while Loop Capital went further, upgrading Qualcomm to a Buy. They argued that near-term headwinds are beginning to ease and that the company's diversification strategy strengthens the longer-term outlook. Both Loop Capital and Wells Fargo set fresh price targets of $185, implying roughly 30% upside from current levels—adding to the sense that the stock could be a serious contender for a comeback rally. What Needs to Happen Next For this early reversal to become more durable, Qualcomm needs to consolidate recent gains and form a base around $150. That level is psychologically important and has been a key battleground before. If the stock can hold above recent lows and start carving out higher lows, investor confidence should begin to rebuild. A decisive break below $130, however, would likely invite renewed selling. Qualcomm still faces real headwinds: handset demand uncertainty remains, and management must restore credibility around forward growth. But markets often turn before fundamentals visibly improve. The bullish MACD crossover deep below zero suggests downside momentum may already have peaked.
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