4AVGO trade ideas
$AVGO Broadcom just above key level. Ready to SHORTAfter a multi year breakout, they Trade Dispute has come at a bad time, we think that it will have trouble holding the $286 level if the market condition remains the same in the coming days. Investors have yet to really exit the name on mass, as volume is quite low considering the market selloff .
Broadcom Money Flow Turning PositiveBroadcom delivered strong earnings and appears to be cranking back into a rally to set higher highs as it goes forward. The Bollinger Bands have tightened up and the price action is bumping right up against the top band indicating a rally picking up steam. MACD confirms this breaking bullish again with ADX showing a strong uptrend with DM+ crossing upward showing a new rally taking off. RSI shows overbought, but this is common when setting higher highs. Money flow has hovered flat but is now breaking positive indicating that the desk traders are getting in on this action, too. Set your stops conservatively for now, and you can relax them some if a longer term trend picks up gear on this large gap grow semiconductor firm.
Positive monthly candle on $AVGOI have been riding this boy since 270. Positive monthly candle on $AVGO .
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$AVGO Broadcom in breakout mode Broadcom is the maybe not as enticing as NVDA or AMD, but it should be. Broadcom invests heavily in diversification and acquisition so it is not dependent on certain revenue streams. It is also in the middle of a massive buyback program which places a floor under the stock.
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Bearish deep crab still in playDespite the earnings pop, as long as it doesn't close above 296.40, the deep crab is still valid. Hit the .382 target once already, looking for it to fall out of that red triangle to start another short. Shorted it at 299 Friday but probably took profit too quickly. Target 265.
AVGO SHORT, opportunity The overall structure is a ABC correction up
Within C we have 5 other waves
The 5th wave is either going to end at the 2: or 2.272, trend based fib extension, which makes 269-270 a very good short opportunity. (Within the red box)
Bearish deep crabGot a weekly reversal off a deep crab that goes all the way back to the Oct crash. Daily 21DEMA already rolling over so PT1 seems pretty solid. PT2 requires a purge in broader markets or earnings disaster. Medium term short due to market's gravity defying nature and overall scope of the pattern.
BROADCOM CORP - KEEP AN EYE ON THIS CHARTMoving in a decline channel, but if broke this resistance line 0,786 FIBO, next wave up will aggressive. Look at the breakout of the $269 and buy for profit!
$AVGO looks tired AVGO looks quite over extended here and it appears buyers are losing steam. Adding this to my short list. Overall market should retrace soon and AVGO should join.
AVGO Weekly Stronger looking chart through this mess. Been tough to buy strength but this could be a decent name to watch if we get follow thru. If not we have some room on the short side till long term trend support.
AVGO - Broadcom Bucking the Sector TrendAs the semi sector continues to be hammered this one is breaking out. The 262 level is an important extension, and an area to look for a reversal and pullback as traders exit long positions. We are looking for a pullback to the 235 level and bullish reversal for a potential swing trade. No sense in chasing, when it is likely we get better prices in the near term. The current candle is showing signs of exhaustion here, no sense in buying into a potential top with the NASDAQ looking like it wants to sell off.
Disclosure: No current positions, looking for a swing trade setup.
