AVGO trade ideas
Neutral Trade IdeaUpdating a recent idea I posted on AVGO here.
Not too sure on the RSI trendline strength for this one
AVGO Support + TrendlineAVGO closed with an inverted hammer in a support and a trendline.
KL: 244.60
SL: 238.70
TP: 258.5
$AVGO Breakout Setup ---6/10--- Has to clear orange resistance bar first. CLearing the 61.8 RSI level is another hurdle for this one. Not too bullish on. I will not take this trade
AVGO still a good playAvgo fell after I initially started watching it, I believe this was profit taking after the dividend period. However, price seems to be resting on a support line for now so I'm going to continue watching this. The arrows I drew more or less represent the price action that I'm expecting.
AVGO likely to bounceAVGO getting heavy volume on the bottom of its upward channel. I'll be a buyer above the top of this triangle in price and I'll reassess around $260. If it breaks into $260/all-time-highs it'll likely be good for much, much more. There is a line of resistance on both the RSI and MacD indicators that will be very important to watch, a break to the upside on either of these is a very bullish signal. Analysts seem very bullish on this ticker as well.
AVGO- H&S formation short at the break of $234.87 & 223.23 AVGO is breaking down from a H&S formation. Moneyflow is going down sharp. It looks pretty good quick short setup.
* Trade Criteria *
Date First Found- June 27, 2017
Pattern/Why- H&S formation
Entry Target Criteria- Break of $234.87
Exit Target Criteria- $223.23
Stop Loss Criteria- $241.23
Please check back for Trade updates. (Note: Trade update is little delayed here.)
Short AVGO at its rally because it is well overbought.Short AVGO at its rally because it is well overbought and will be pulled back next week.
