Bullish Pennant Forming on AVGO? Target: $271.50
📊 Chart Breakdown:
AVGO is showing signs of a bullish pennant formation after a strong impulsive move up, followed by a period of consolidation.
🔹 Lower Highs & Trendline Resistance – The stock has been making lower highs, forming a downward sloping resistance.
🔹 Support at 9 EMA (Yellow Line) – The price has bounced off the 9 EMA, which suggests buyers are stepping in.
🔹 Volume Decline During Consolidation – A classic bullish pennant trait, showing a buildup before a potential breakout.
🔹 Breakout Confirmation Needed – A close above the descending trendline would confirm the breakout and push toward our target price of $271.50.
📈 Bullish Case:
If AVGO breaks out above resistance, we could see a strong continuation toward $271.50 in the coming weeks.
⚠️ Key Levels to Watch:
✅ Breakout Above: $232-$235
❌ Support to Hold: 9 EMA (yellow) & $220
💡 Final Thoughts:
With the current price action and EMA support, this setup favors the bullish case, but confirmation is key! Watch for a high-volume breakout for the best entry.
What do you think? Are you bullish on AVGO? Let’s discuss! 🔥📊
AVGO is showing signs of a bullish pennant formation after a strong impulsive move up, followed by a period of consolidation.
🔹 Lower Highs & Trendline Resistance – The stock has been making lower highs, forming a downward sloping resistance.
🔹 Support at 9 EMA (Yellow Line) – The price has bounced off the 9 EMA, which suggests buyers are stepping in.
🔹 Volume Decline During Consolidation – A classic bullish pennant trait, showing a buildup before a potential breakout.
🔹 Breakout Confirmation Needed – A close above the descending trendline would confirm the breakout and push toward our target price of $271.50.
📈 Bullish Case:
If AVGO breaks out above resistance, we could see a strong continuation toward $271.50 in the coming weeks.
⚠️ Key Levels to Watch:
✅ Breakout Above: $232-$235
❌ Support to Hold: 9 EMA (yellow) & $220
💡 Final Thoughts:
With the current price action and EMA support, this setup favors the bullish case, but confirmation is key! Watch for a high-volume breakout for the best entry.
What do you think? Are you bullish on AVGO? Let’s discuss! 🔥📊
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.