MSTR, QCOM and ARM Forecast – Earnings Calls Move Tech Stocks on Thursday

MSTR Technical Analysis

MicroStrategy is looking to open up ever so slightly higher despite the fact that its earnings call was less than stellar. That being said, this just proves one thing, that MicroStrategy is now a Bitcoin ETF. It really doesn’t have anything to do with the company itself. It’s about how much Bitcoin they own. So as goes Bitcoin, so goes MicroStrategy. That’ll be really interesting if Bitcoin ever implodes.

$270 will remain the floor in the market, but we are nowhere near there. So, if you want to trade MicroStrategy, you can. If you want to trade Bitcoin, you can. But you shouldn’t do both because they are the same thing.

QCOM Technical Analysis

Qualcomm is going to open up for the session down despite the fact that its earnings call was rather resilient. I think there are a couple of different things going on here. Number one, the guidance wasn’t that great. But number two, there are a lot of questions about microchips right now with the impending trade war between the United States and China.

So, with all of that, I think Qualcomm probably finds itself in a bit of a massive consolidation range between $180 and $150. If we can break above the $180 level, which is something that does not look likely to happen on Thursday, then we’re free to go much higher. At this point, it looks like we’re going to open up closer to the 200 day EMA.

ARM Technical Analysis

ARM Holdings is down in pre-market trading, despite the fact that it had better than anticipated earnings results. But really at this point in time, I think this comes down to forward guidance and concerns about the tech sector overall. Nonetheless, there is significant support near the $160 level, so we’ll have to wait and see if that comes into play. It definitely looks like it could test that during the trading session on Thursday.