๐ Chart Breakdown:
AVGO is showing signs of a bullish pennant formation after a strong impulsive move up, followed by a period of consolidation.
๐น Lower Highs & Trendline Resistance โ The stock has been making lower highs, forming a downward sloping resistance.
๐น Support at 9 EMA (Yellow Line) โ The price has bounced off the 9 EMA, which suggests buyers are stepping in.
๐น Volume Decline During Consolidation โ A classic bullish pennant trait, showing a buildup before a potential breakout.
๐น Breakout Confirmation Needed โ A close above the descending trendline would confirm the breakout and push toward our target price of $271.50.
๐ Bullish Case:
If AVGO breaks out above resistance, we could see a strong continuation toward $271.50 in the coming weeks.
โ ๏ธ Key Levels to Watch:
โ Breakout Above: $232-$235
โ Support to Hold: 9 EMA (yellow) & $220
๐ก 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? Letโs discuss! ๐ฅ๐
AVGO is showing signs of a bullish pennant formation after a strong impulsive move up, followed by a period of consolidation.
๐น Lower Highs & Trendline Resistance โ The stock has been making lower highs, forming a downward sloping resistance.
๐น Support at 9 EMA (Yellow Line) โ The price has bounced off the 9 EMA, which suggests buyers are stepping in.
๐น Volume Decline During Consolidation โ A classic bullish pennant trait, showing a buildup before a potential breakout.
๐น Breakout Confirmation Needed โ A close above the descending trendline would confirm the breakout and push toward our target price of $271.50.
๐ Bullish Case:
If AVGO breaks out above resistance, we could see a strong continuation toward $271.50 in the coming weeks.
โ ๏ธ Key Levels to Watch:
โ Breakout Above: $232-$235
โ Support to Hold: 9 EMA (yellow) & $220
๐ก 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? Letโs discuss! ๐ฅ๐
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.