Broadcom ( 
AVGO ) is approaching a critical level with a potential double bottom pattern in play. The stock is facing strong resistance at $167.50, where both horizontal resistance and the descending tops trendline converge. Breaking through this key zone could lead to a run toward the all-time high of $188.33.
On the other hand, support remains firm with rising lows and backing from the 200-day moving average. This keeps the bullish case alive, but we’re likely to see the stock consolidate into a tighter range ahead of the earnings report at the end of the year, which could serve as the catalyst for the next big move.
I’m watching for a clean breakout above $167.50 or a retest of the support around the rising trendline for possible entries.
Do you think Broadcom can break out before earnings, or is a retracement more likely?
AVGO ) is approaching a critical level with a potential double bottom pattern in play. The stock is facing strong resistance at $167.50, where both horizontal resistance and the descending tops trendline converge. Breaking through this key zone could lead to a run toward the all-time high of $188.33.On the other hand, support remains firm with rising lows and backing from the 200-day moving average. This keeps the bullish case alive, but we’re likely to see the stock consolidate into a tighter range ahead of the earnings report at the end of the year, which could serve as the catalyst for the next big move.
I’m watching for a clean breakout above $167.50 or a retest of the support around the rising trendline for possible entries.
Do you think Broadcom can break out before earnings, or is a retracement more likely?
Dagangan aktif
Breakout? Watch 170.84 for confirmation.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.