In my 2011 Investment Commentary I mentioned Qualcomm as a play on Android. I still like the stock but we are technically overbought and the charts look like a double top formation may be in effect. On the day to day charts a gap was just filled on today’s drop but a move below 51.50 could portend a selloff and correction.

I still love the stock but just giving everyone a head’s up.

We need to break the $53 dollar level soon which is a major resistance level going back to 2008. If we take out the $53-55 resistance level well just pull up a monthly chart going back to 2000 to see the W technical formation.

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