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Broadcom's Analysis: Is the Chipmaker Ready for a Comeback?Key Takeaways: - Broadcom ( NASDAQ:AVGO ) shares have reclaimed their 50-day moving average after a steep correction but face volatility ahead of the upcoming Q3 earnings report. - Investors are focusing on Broadcom's AI chip sales growth and its full-year outlook amid rising AI demand. - Key technical levels suggest potential volatility, with both downside and upside price targets in play. Broadcom’s Resurgence and Challenges Broadcom ( NASDAQ:AVGO ), one of the leading chipmakers, is preparing to release its fiscal Q3 earnings report, with investors keenly watching its AI sales growth and forward-looking guidance. Recent quarters have seen Broadcom ( NASDAQ:AVGO ) benefit from increased demand for its custom AI chips, a trend that has bolstered its financial performance. However, after peaking in mid-June, Broadcom shares faced a significant sell-off, falling as much as 31% before mounting a recovery. The stock managed to reclaim its 50-day moving average by the end of August, signaling a potential shift in momentum. Despite this recovery, it's crucial to note that the buying activity occurred on declining volumes, which often points to a lack of strong institutional support. This situation sets the stage for heightened volatility as the company approaches its earnings announcement. Technical Analysis: Key Levels to Watch 1. Decreasing Volume and Recent Recovery: The recent bounce in Broadcom ( NASDAQ:AVGO ) shares is noteworthy, as it reclaimed the 50-day moving average—a critical technical indicator suggesting near-term strength. However, the recovery on declining volume is a cautionary signal. Institutional investors typically drive strong moves, and a lack of their involvement could suggest that the current recovery lacks conviction. 2. Lower Price Levels to Monitor: - $157 Level: This support zone, approximately 4% below the recent close, aligns with previous swing lows from June and August. If Broadcom's stock falls below this level, it could signal further downside pressure. - $141 Level: Should the $157 level fail to hold, $141 becomes the next critical area to watch. This level represents a prior consolidation zone where the stock traded sideways between March and June. Investors may see this as a potential buying opportunity if the stock reaches this area. 3. Higher Price Levels to Watch: - $168 Resistance: A move higher could propel the stock to $168, where it may encounter resistance. This zone corresponds to several gap trading levels formed in June and July, as well as the highs from August. - $195 Target Above All-Time High (ATH): For those looking beyond the immediate resistance, Broadcom could target $195. This level is calculated by projecting the stock’s previous trending move from December to March and repositioning it from the August swing low. This upside target would place Broadcom about 5% above its all-time high, indicating significant potential for a breakout. AI Growth as a Catalyst Broadcom’s fundamentals remain strong, with AI chip sales serving as a primary growth driver. The company’s custom chips are in high demand as industries increasingly rely on artificial intelligence, a sector expected to continue expanding in the coming years. Investors will be closely examining the company's guidance during its Q3 report, looking for signs of sustained momentum. However, Broadcom ( NASDAQ:AVGO ) is not without its challenges. The broader tech sell-off and profit-taking after the company's 10-for-1 stock split in July have weighed on share prices. Despite this, analysts maintain a "Strong Buy" rating, citing the company’s leading market position and the growing importance of its AI chips. Technical Outlook: Mixed Signals As of now, Broadcom shares are down 4.54% in Tuesday's trading, with an RSI of 46. The RSI nearing the oversold region suggests that the stock could be positioning itself for a potential bounce. However, given the declining volumes and lack of institutional activity, investors should remain cautious and closely watch the aforementioned technical levels. Broadcom’s stock trading above key moving averages offers a glimmer of hope, yet the market’s reaction to the upcoming earnings report will be pivotal. Any positive surprise in AI sales growth or forward guidance could provide the necessary catalyst for Broadcom to reclaim its highs and potentially push towards the $195 target. Conclusion: A Critical Juncture for Broadcom Broadcom’s journey back to its highs is fraught with both opportunities and challenges. The technical setup suggests a stock on the rebound, but with caution flags raised due to the lack of volume support. Fundamentally, the chipmaker’s focus on AI positions it well for future growth, but investors will need to see continued execution and positive guidance in the upcoming earnings report. For now, NASDAQ:AVGO remains a stock to watch closely, with key support and resistance levels defining its near-term path. Investors should be prepared for heightened volatility but also recognize the potential upside if Broadcom’s earnings and outlook exceed expectations.
NASDAQ:AVGO
by DEXWireNews
$AVGO | Watchlist | Buy Limit |Technical Confluences: - Stochastics is moving towards Oversold conditions - Elliot Wave count seems to have completed a Wave 4 (A,B,C count) and is starting it's Wave 5 move (assuming it is not an extended Wave 4 - Price has formed new Supply Zone area with the price rejecting that Zone 3 times and has formed a descending Trendline Fundamental Confluences: - Broadcom is considered a leader in semiconductor domains and it has a diverse product range; making them sought after in technological ecosystem - Good management team that focuses on M&A for strategic growth and market pentration - Good amount of FCFs which helps in their dividend policies ----- NASDAQ:AVGO will be releasing it's earnings soon and if there is any opportunity arising, I have placed orders to buy AVGO at my Buy Limit Zone areas. If earnings is stellar, price should continue to test the Supply Zone again and if that breaks, I will likely aim for a Buy Stop order above the Supply Zone. Will be putting this on my Watchlist. -----
NASDAQ:AVGOLong
by weekendanalyst
Broadcom Inc. (AVGO) Shares Drop Over 4%Broadcom Inc. (AVGO) Shares Drop Over 4% As shown by the chart, yesterday, shares of Broadcom Inc. (AVGO)—a US technology company ranked in the top 10 by market capitalisation—were among the worst performers in terms of price movement. This is a warning sign for those investing in semiconductor manufacturers, considering that: → Tomorrow, data on Nvidia’s second-quarter performance will be released; → Since mid-June, AVGO's share price has been underperforming the stock index. A technical analysis of the AVGO chart provides further grounds for concern: → In 2024, the price formed an ascending channel (shown in blue), which remains relevant for now, despite a drop below the lower boundary on 5 August. → Price action in August indicates (marked by an arrow) that the median line of this channel, reinforced by the psychological level at $170, has now assumed the role of resistance. → In mid-July, there was a 10-for-1 stock split. It was expected that this would make investments in Broadcom Inc. more accessible to a wider range of market participants, but in reality, the price has fallen since then. → Since mid-June, when the RSI indicated extreme overbought conditions following the release of first-quarter results (a sign of market hype), the price has been increasingly forming the outlines of a descending channel (shown in red). If AVGO's share price continues to underperform the market, it could lead to further bearish attacks on the lower boundary of the ascending channel. Meanwhile, analysts remain optimistic. According to TipRanks: → 23 out of 24 Wall Street analysts recommend buying AVGO shares; → The average price target for AVGO shares is $196 (a 23% increase from current levels) within the next 12 months. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
NASDAQ:AVGO
by FXOpen
1
BROADCOM The next expansion wave to $285 has begun.Broadcom Inc. (AVGO) has already completed 2 weeks of gains that essentially recovered the majority of the July-led correction. This rebounded not only largely maintained the long-term Channel Up pattern that started on the October 2022 market bottom but also managed to keep the 1W MA50 (blue trend-line) intact. This is an extremely bullish long-term combination as it should technically start the stocks 3rd long-term expansion wave as illustrated on today's 1W chart. As you can see the previous two peaked at +121% and +133% respectively. As a result our new long-term Target as of now is $285.00 (+121% from the recent bottom). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NASDAQ:AVGOLong
by TradingShot
1
AVGO: Triggers for the next reversal. H & D Charts Analysis.The AVGO chart presents a notable recovery pattern after a sharp decline. On the daily chart (right side), the price experienced a V-shape recovery from the key support level at $130.25, which coincides with the completion of a gap closure. This swift recovery indicates strong buying interest around this level. The price is currently approaching the main short-term resistance at $166.40, a level that previously acted as a support and now poses a significant barrier for further upside. The 21-day EMA (blue line) has started to turn upward, which suggests the possibility of a continuation of the current uptrend if the price can break above the $166.40 resistance level. On the hourly chart (left side), the price is correcting after closing its previous gap. The price is now hovering around the $163.35 level, just below the resistance at $166.40, however, above the 21-hour EMA. The short-term support on this chart is established at $161.30, which aligns with recent consolidation levels. Therefore, teh short-term trend is still bullish. In summary, the AVGO chart indicates a strong recovery with the potential for further upside if the price can successfully breach the $166.40 resistance level. We should watch for a breakout above this level for a continuation of the uptrend, while the $161.30 level + 21-hour EMA serves as critical short-term double support. Only if AVGO loses this area we would see a further decline. For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions. Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation. “To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore All the best, Nathan.
NASDAQ:AVGO
by Nathan_The_Finance_Hydra
4
AVGOPrice is consolidating in the form of symmetrical triangle for the past 2 days after a good trend line break out. 150 will be the trend deciding zone. Higher time frame shows rounding bottom is forming. Lower time frame pattern is neutral. Buy above 155.5 with the stop loss of 154 for the targets 157, 159 and 161. Sell below 152.5 with the stop loss of 154 for the targets 151, 149 and 147. Hit the like button to Rock !! Show some energy !! Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. You are responsible for whatever you do.
NASDAQ:AVGO
by vanathi
2