Broadcom (AVGO) – Decision Point Near Major Resistance
Updated
Broadcom ( 
AVGO ) is approaching a critical level with a potential double bottom pattern in play. The stock is facing strong resistance at $167.50, where both horizontal resistance and the descending tops trendline converge. Breaking through this key zone could lead to a run toward the all-time high of $188.33.
On the other hand, support remains firm with rising lows and backing from the 200-day moving average. This keeps the bullish case alive, but we’re likely to see the stock consolidate into a tighter range ahead of the earnings report at the end of the year, which could serve as the catalyst for the next big move.
I’m watching for a clean breakout above $167.50 or a retest of the support around the rising trendline for possible entries.
Do you think Broadcom can break out before earnings, or is a retracement more likely?
AVGO ) is approaching a critical level with a potential double bottom pattern in play. The stock is facing strong resistance at $167.50, where both horizontal resistance and the descending tops trendline converge. Breaking through this key zone could lead to a run toward the all-time high of $188.33.On the other hand, support remains firm with rising lows and backing from the 200-day moving average. This keeps the bullish case alive, but we’re likely to see the stock consolidate into a tighter range ahead of the earnings report at the end of the year, which could serve as the catalyst for the next big move.
I’m watching for a clean breakout above $167.50 or a retest of the support around the rising trendline for possible entries.
Do you think Broadcom can break out before earnings, or is a retracement more likely?
Trade active
Breakout? Watch 170.84 for confirmation.
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