Beware of these Stock Price Levels in Broadcom

Broadcom shares surged over 14% in extended trading following the chipmaker’s impressive fiscal second-quarter revenue report driven by strong sales in artificial intelligence products. The company also announced a 10-for-1 stock split, mirroring a move by Nvidia. The stock price has formed an ascending triangle pattern, suggesting a continuation of the uptrend. The breakout from the pattern on increasing volume indicates bullish sentiment among market participants.

Technical analysis on the Broadcom chart highlights key levels to watch. The measurement principle projects a target price of $1,745 based on the width of the ascending triangle added to the upper trendline. Investors should monitor the upper trendline at $1,415 as potential support during pullbacks. Breaking below this level could lead to a retest of lower support around $1,132, where the price finds additional support.

Overall, Broadcom’s strong quarterly results and positive outlook have driven the stock price higher in after-hours trading. The author emphasizes that the opinions expressed in the article are for informational purposes only and does not own any of the securities mentioned.

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https://www.investopedia.com/watch-out-for-these-levels-in-broadcom-stock-price-8662615