AVGO has seen a faster recovery from the April 8th lows faster that other Semi stocks. The recovery has been stronger than $NVDA. The stock lost 45% of its value during the recent bear market. Since then, the stock has also recovered 45% of its value form the lows of 145 $. The weekly close of AVGO above the psychological level of 200 $ is very bullish for the stock. If we plot the fib retracement level
AVGO form the Aug 2024 Yen carry trade sharp sell off, then we can see that the there are major levels which we can reach in the next few weeks. With the management declaring 10 Bn $ of stock buy back there is a floor for the stock price and it provide more upside support for the stock. In this blog we had said on 6th April that the price is good for accumulation, and we should go long on $AVGO. And that was a good trade for those who took it. We should stay long in AVGO as the stock can go higher before any sell off can set in.Verdict : Stay long $AVGO. Next stop 219 $ and 250 $.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.