Broadcom Inc. (AVGO) has been on a strong correction in the past 4 months, completing so far 3 straight brutally red 1M (monthly) candles since January, having broken below its 1W MA50 (blue trend-line).
This month, it hit its 1W MA100 (green trend-line) for the first time since November 2022. This is a key Support level as it is AVGO's main Support during Bull Cycles that historically has only broken during Bear Cycles.
In fact, the stock has been trading within a 15-year Channel Up since it's IPO. And this is the reason why this correction is a blessing in disguise for long-term investors. The 1W MA100 was intact during the previous historic Bull Cycle from May 2013 to July 2018. So since we tested it now, there is a far stronger probability of it holding and extending the Bull Cycle that started on the October 2022 Low, than turning into a Bear Cycle.
Notice also how symmetric the rises have been within this Channel Up. The 2012 - 2015 rise has been +500% before the 1W MA50 was breached again. Similarly, AVGO has grown by +500% again from the October 2022 bottom to the recent All Time High, before it broke last month again below the 1W MA50.
If this is a new Low similar to August 2015, then we can expect an equally symmetric follow up rise of +178.64% in the next 2 years. This gives us a rough long-term Target of $380.
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This month, it hit its 1W MA100 (green trend-line) for the first time since November 2022. This is a key Support level as it is AVGO's main Support during Bull Cycles that historically has only broken during Bear Cycles.
In fact, the stock has been trading within a 15-year Channel Up since it's IPO. And this is the reason why this correction is a blessing in disguise for long-term investors. The 1W MA100 was intact during the previous historic Bull Cycle from May 2013 to July 2018. So since we tested it now, there is a far stronger probability of it holding and extending the Bull Cycle that started on the October 2022 Low, than turning into a Bear Cycle.
Notice also how symmetric the rises have been within this Channel Up. The 2012 - 2015 rise has been +500% before the 1W MA50 was breached again. Similarly, AVGO has grown by +500% again from the October 2022 bottom to the recent All Time High, before it broke last month again below the 1W MA50.
If this is a new Low similar to August 2015, then we can expect an equally symmetric follow up rise of +178.64% in the next 2 years. This gives us a rough long-term Target of $380.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.