The Bulls Are Back—Why Qualcomm Stock Is Gaining Strength Again

Key Points

• Qualcomm has recently bounced off support around $160, keeping its multi-month uptrend alive.
• The stock’s technicals are turning bullish again as its RSI rises and its MACD nears a crossover.
• Analysts remain confident, with price targets as high as $225 suggesting there’s considerable upside.

Qualcomm Inc. NASDAQ: QCOM shares are back on firm footing in recent sessions after a dodgy run last month. The stock closed just above $168 on Monday, extending its bounce from last month’s low around $160. That level was once a key zone of resistance, so the fact that it’s now acting as support bodes well for the stock heading into 2026. 

Yes, this is the same Qualcomm that gave up all the gains from its pop at the end of October—a painful drop for those hoping for a clean move to new highs. Still, the bears haven’t broken the uptrend, and as long as that structure holds, the bulls have the advantage. 

For now, it looks like they’ve won back control of the narrative. Here’s why that matters and what to watch heading into the final weeks of 2025.

The Trend Holds Firm

Despite heavy selling through much of November, Qualcomm continues to trade within a rising channel that’s been intact since April. Every major pullback has produced a higher low, showing steady demand and clear evidence of accumulation. The latest rebound from the $160 area, which acted as resistance through much of 2025, adds another data point to that pattern.

That resilience is critical because $160 now represents a must-hold floor in technical terms. Bulls defended it successfully last week, and the stock’s subsequent move back toward the $170 mark shows they’re still willing to step in when sentiment turns sour.

Momentum indicators are also increasingly supporting that view. Qualcomm’s Relative Strength Index (RSI), which had been sliding toward oversold levels, has just turned north once again, while its Moving Average Convergence Divergence (MACD) line is on the verge of a bullish crossover. Together, these are classic signs that emerge as bulls take back control of a period of selling.

Analysts Still Back the Rally

The chart lines up neatly with what many analysts have been saying for weeks: that Qualcomm’s recent weakness is a buying opportunity, not the start of a broader trend reversal or a breakdown.

In the past few weeks, the team at Susquehanna reiterated its Buy rating while setting a $210 price target, echoing moves from others like Rosenblatt, which gave Qualcomm a $225 target.

There’s a growing consensus among the teams covering Qualcomm that the company’s ongoing diversification beyond mobile chips, particularly in automotive and AI-related hardware, is emerging as a key growth driver to be excited about. For investors, those calls carry weight and are supported by Qualcomm’s fundamentals, which continue to back the company's momentum.

Its most recent quarterly earnings report beat expectations on both the top and bottom lines, showing revenue was growing solidly year-over-year.

While the stock has struggled to shed its sluggish reputation, Qualcomm continues to execute well, and analysts remain firmly supportive, so it’s little surprise the bulls managed to regain control so quickly.

Key Resistance and Support Levels Will Define the Path Forward

Despite the recent recovery, Qualcomm stock still sits well below its recent highs. The stock is still in the shadow of its 20% plunge retreat from October, and until it shows it’s able to stabilize at that level, traders will be cautious. If the rally stalls around $175 and rolls over again, it risks forming a lower high, handing the initiative back to the bears.

There’s also the macro backdrop to consider. Risk appetite across the market was wobbly for much of November, and while recent sessions have shown signs of stabilization, investors remain cautious. If the broader tech space resumes its pullback into December, we can expect Qualcomm to be tested again. 

The $160–$165 zone remains the key support level to watch. Continued consolidation above it would confirm that the worst of the selling has passed. A close below it, however, could break the uptrend and begin a deeper correction.

In short, the next few weeks are pivotal. The bulls have reclaimed control of the chart for now, but they’ll need to keep building on it to turn this recovery into a sustainable uptrend for 2026.