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More Reading from MarketBeat.com Qualcomm's Sudden Reversal Signal Could Catch the Bears OffsideSubmitted by Sam Quirke. Article Published: 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 the first week of January and the first week of February, tech giant Qualcomm Inc (NASDAQ: QCOM) is now trading around $145. It's been a rough start to the year for investors, with that selloff effectively dragging the stock back to 2020 levels. Although the stock was already under pressure, the primary catalyst for the decline was the company's weak forward guidance in its first report of the year. That disappointment accelerated selling in what has long been a frustrating holding for investors, despite Qualcomm's consistent ability to top earnings and revenue expectations. Following the selloff, Qualcomm's relative strength index (RSI) was pushed toward multi-year lows, sentiment all but collapsed, and many analysts began throwing in the towel. For a company operating in such a critical part of the semiconductor ecosystem, the capitulation felt definitive. Yet over the past fortnight, something has shifted that's making investors question 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 the indicator remained well below the zero line. That detail matters: a bullish MACD crossover above zero can simply confirm ongoing strength, but a crossover from deep below zero often signals that downside momentum has reached an extreme and is beginning to unwind. Put another way, the move suggests the early stages of a potential reversal rather than merely a continuation. With the bears firmly in control throughout January and early February, every bounce was quickly sold into and momentum stayed decisively negative. Now, a string of consecutive green sessions — combined with the MACD crossover — suggests short-term control may be starting to tilt back toward the bulls. The last time Qualcomm printed a similar bullish MACD crossover from deep below zero was last April, after the stock had also fallen roughly 30%. That signal marked the low and was followed by a multi-month rally of about 70%. For investors who like a comeback story, it's an appealing setup. Price Action Is Quietly Improving Importantly, the recent signal is not happening in isolation. Price action is beginning to cooperate. The bears have been unable to push the stock below the immediate post-earnings low they established, despite the doom-and-gloom commentary at the time. Instead, the stock has turned northward. This doesn't mean the downtrend is officially broken, but it does indicate the relentless selling pressure has eased. For a name that surrendered two years of gains in a matter of weeks, stabilization alone is notable. When a deeply oversold stock rallies after bad news instead of selling 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 from Wall Street. Earlier this year many analysts downgraded Qualcomm or cut price targets after the weak guidance. In step with the stabilizing price action and bullish 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 full Buy. They argued that key near-term headwinds are starting to ease and that the company's broader 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 and adding to the sense that Qualcomm could be a contender for a meaningful comeback rally. What Needs to Happen Next For this early reversal to evolve into something more durable, Qualcomm needs to consolidate recent gains and begin forming a base around $150. That level is psychologically important and has been a key battleground before. If the stock can hold above the recent lows and start carving out higher lows, confidence should rebuild. A decisive break below $130, however, would likely invite renewed selling. This remains a stock with real headwinds: handset demand uncertainty persists, and management still needs to restore credibility around forward growth. But markets can turn before fundamentals visibly improve. The bullish MACD crossover deep below zero suggests downside momentum may have already peaked.
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