Bullish Pennant Forming on AVGO? Target: $271.50

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๐Ÿ“Š Chart Breakdown:
AVGO is showing signs of a bullish pennant formation after a strong impulsive move up, followed by a period of consolidation.

๐Ÿ”น Lower Highs & Trendline Resistance โ€“ The stock has been making lower highs, forming a downward sloping resistance.

๐Ÿ”น Support at 9 EMA (Yellow Line) โ€“ The price has bounced off the 9 EMA, which suggests buyers are stepping in.

๐Ÿ”น Volume Decline During Consolidation โ€“ A classic bullish pennant trait, showing a buildup before a potential breakout.

๐Ÿ”น Breakout Confirmation Needed โ€“ A close above the descending trendline would confirm the breakout and push toward our target price of $271.50.

๐Ÿ“ˆ Bullish Case:
If AVGO breaks out above resistance, we could see a strong continuation toward $271.50 in the coming weeks.

โš ๏ธ Key Levels to Watch:
โœ… Breakout Above: $232-$235
โŒ Support to Hold: 9 EMA (yellow) & $220

๐Ÿ’ก Final Thoughts:
With the current price action and EMA support, this setup favors the bullish case, but confirmation is key! Watch for a high-volume breakout for the best entry.

What do you think? Are you bullish on AVGO? Letโ€™s discuss! ๐Ÿ”ฅ๐Ÿ“Š

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