Broadcom Limited designs, develops, and supplies a range of analog
and digital semiconductor connectivity solutions. Its product portfolio
comprises broadband access and modems, enterprise and network
processors, wireless infrastructure, wireless connectivity, Ethernet
communication and switching, and set-top box and media processors. The
company’s products are used in various applications, including data
center networking, home connectivity, broadband access,
telecommunications equipment, smartphones and base stations, data center
servers and storage, factory automation, power generation and
alternative energy systems, and displays.
Take a look at the 1-year chart of Broadcom (NASDAQ: AVGO) below with added notations:
Since testing $150 in the beginning of June, AVGO has been trading
sideways, overall. During that time the stock has hit that same
resistance at $150 (red) on multiple occasions. On Friday, AVGO tried to
break out above that $150 level, but ultimately the stock closed back
below it. A close above the $150 level should lead to another leg higher
for stock.
The Tale of the Tape: AVGO has a 52-week resistance
at $150. The possible long position on the stock would be on a breakout
above that level with a stop placed under it.
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