AVGO, Split coming? On it's way to 1550?
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The chart for Broadcom Inc. (AVGO) on the NASDAQ shows a bullish breakout from a falling wedge pattern, indicating a potential upward price movement.
After the breakout, the price has consolidated around the $1,406.64 level, suggesting a healthy pause before the next move.
The RSI at 57.48 indicates neutral to slightly bullish momentum, and increased volume during the breakout adds credibility to this move.
The projected path suggests the price will consolidate around $1,407.78 before breaking out to $1,419.17 and potentially reaching $1,438.35 and $1,445.40. Considering these factors, entering a long position if the price breaks above $1,419.17
with strong volume could be beneficial, with a stop loss below $1,391.91 to manage risk and targets at $1,438.35 and $1,445.40.
This could easily tun to 1550 with a 10% implied move on earnings.
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always conduct your own research and consult a financial advisor before making any trading decisions.
After the breakout, the price has consolidated around the $1,406.64 level, suggesting a healthy pause before the next move.
The RSI at 57.48 indicates neutral to slightly bullish momentum, and increased volume during the breakout adds credibility to this move.
The projected path suggests the price will consolidate around $1,407.78 before breaking out to $1,419.17 and potentially reaching $1,438.35 and $1,445.40. Considering these factors, entering a long position if the price breaks above $1,419.17
with strong volume could be beneficial, with a stop loss below $1,391.91 to manage risk and targets at $1,438.35 and $1,445.40.
This could easily tun to 1550 with a 10% implied move on earnings.
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always conduct your own research and consult a financial advisor before making any trading decisions.
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