Tuesday, March 15, 2016

Broadcom Ltd (NASDAQ: AVGO)

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:
1-year chart of Broadcom (NASDAQ: AVGO)
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.

No comments:

Post a Comment