Broadcom breakout in the cards as key indicators target $285
The post Broadcom breakout in the cards as key indicators target $285 appeared on BitcoinEthereumNews.com.
As the semiconductor industry continues to flourish, driven by the expanding demand for 5G, artificial intelligence (AI), and the Internet of Things (IoT), Broadcom (NASDAQ: AVGO) stands out as a key player poised for significant growth. With a market capitalization of $771.41 billion, Broadcom has delivered substantial returns, including a year-to-date (YTD) increase of 48% and a 6-month gain of 24%. However, the stock recently experienced a minor pullback, losing 2.08% in the latest trading session on August 22, setting the price at $163.75. AVGO stock five-day price chart. Source: Finbold Despite this slight dip, analysts remain optimistic about Broadcom’s future, with predictions indicating that the stock is on the brink of a major rally. Notably, trading expert TradingShot has identified Broadcom as being in a strong position for significant upward movement, especially following its recent period of consolidation. Broadcom’s technical chart pattern reveals a well-defined “Channel Up” pattern, a bullish formation characterized by a series of higher highs and higher lows. AVGO stock price analysis chart. Source: TradingView This pattern, which has been in place since the market bottom in October 2022, has guided Broadcom through significant gains over the past year. The stock’s ability to maintain this upward channel is a strong indicator of its potential for continued growth. Currently, Broadcom is trading above the 50-week moving average (1W MA50), which has consistently acted as a critical support level. This has helped the stock recover quickly from the July-led correction. Additionally, the 100-week (1W MA100) and 200-week (1W MA200) moving averages, which lie further below, indicate long-term support and reinforce the stock’s overall bullish trend. Broadcom’s historical performance within the Channel Up pattern has been remarkable, with two major upward movements showcasing gains of +121% and +133%. These increases within the channel highlight the stock’s potential for substantial…
Filed under: News - @ August 23, 2024 9:28 am