Qualcomm is currently near the middle of its channel, but short-term momentum is down, signalling the price could soon test the channel bottom. If the price slows and reverses between $76.50 and $75.75, buys can be initiated in that area or slightly above. A stop can be placed just below the newly formed bottom (yet to be determined) or at $75.50. Target is the top of the channel, which is currently near $81.75.