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AVGO trade ideas

AVGO pre-earnings updateNASDAQ:AVGO pre-earnings update. This is a large long-term holding for me and it has been one of my best performers. I am not looking to add at this time and would be taking profit if my cost basis wasn’t already so favorable. There is a lot to like about AVGO. Great dividend growth history, consistently outperforming earnings expectations, strong management team, and very easy to manage with basic technical analysis. They report earnings late in the cycle relative to other semis, which occasionally offers great opportunities when other chip companies have poor earnings. Bull thesis - they excels in operating efficiency, have strong management team, and strong Apple hardware integration Bear thesis - large exposure in in nonmoaty sectors (broadband and storage chips), low-growth software markets, and acquisition-focused strategy Last earnings: Good: Revenue beat, EPS beat, and increased guidance by 5%. Bad: Management was asked about AI related growth cannibalizing current business. Management had a relatively weak answer to this that sent price on a roller coaster. Average 12 month price target consensus increased from $763 to $908. To keep momentum going this earnings will likely need to beat and raise guidance in line with others in the sector, and will need to give clearer direction on product cannibalization. Technical: This is a great long term trend, but price has moved above the primary trend along with the entire sector. This will either be a new primary trend or will prove to be unsustainable. It feels like the latter, but sentiment for the AI narrative has been resilient. Last earnings price jumped with a breakaway gap and then formed a symmetrical triangle. 75% of breakaway gaps close within a year and the average time to close is 83 days. AVGO's gap is currently at 96 days. Price broke below the cradle of the symmetrical triangle and left another small gap in its recovery. Longer term, I'm still eying opportunities to add below $820. My targets are currently $808, 790, 750, and 730.
NASDAQ:AVGOLong
by Ben_1148x2
Market Leaders are FailingEvery bull market has a “theme” – a specific sector or group of stocks that lead the rest of the market. In the last '90s it was dot-com. From 2009-2020 the theme was big tech. The short-lived bull from 2020-2021 was driven by work-from-home stocks. This market has had a theme too. And that theme is artificial intelligence. Stocks with exposure to AI have been the top performers in 2023. Meta, Nvidia, Super Micro Computer, MongoDB, and several others have all seen spectacular gains this year. These are the market leaders… the institutional favorites… the Wall Street darlings… whatever you want to call them. When these stocks begin to pull back, the rest of the market does too. So, we always want to keep an eye on them. Last week, leadership began to weaken. NVDA, MDB, AAPL, AVGO and others closed below their 21-day EMA for the first time in months. When leading stocks dip, we want to see them bounce immediately. We want to see them act like tennis balls, not eggs. They didn’t. And as expected, the selling continued throughout the week. The Nasdaq index closed firmly below its 50-day moving average for the first time since January. Make no mistake - I still believe we are in a bull market. If I were a long-term investor, I would hold through what will likely be a short-term pullback. But as a trader, my goal is to make as much as I can when the environment is favorable, and the the heck out of the way when things turn south. This is 'get the heck out of the way' time. Although the indexes have only pulled back 5-6% so far, many of the big names have fallen 20% or more over the last several weeks. The indexes are generally a poor gauge of growth stock performance. However, the action in growth stocks is often a precursor to what we will see next in the general market. Hopefully, this retracements is temporary. We have not yet seen broad-based selling on above average volume, and that is a good sign. Pullbacks are normal. Stocks do not go straight up. When prices rise too much too fast, they need to “reset” in order to digest the price action and knock the froth off the market. Smart traders will use these periods as a proving ground for the top stocks. Which names hold up the best? Which tickers pull back the least and do so on the lightest volume? These will be the winners on the next leg higher. I try my best to scan enough stocks to try and get a feel for where money is flowing. Often you will see a group or two surging while the rest of the market is pulling back. Right now, only two areas stand out: The first is oil and gas stocks. These have performed very well over the last few weeks. It is too soon to say if this will develop into an overarching theme, but I am keeping an eye on this group and bought a couple stocks to test the waters. The big cryptocurrencies are also showing a lot of strength here. Bitcoin and Ethereum, which I trade via the GBTC and ETHE exchange traded funds, looked poised for breakouts higher. They are showing a lot of strength right now when not much else is.
NASDAQ:AVGO
by rossgivens
AVGO update - $855 a key levelNASDAQ:AVGO has consolidated and built a strong volume profile since its rapid climb to the $800's in May. Recall in May that it gapped up with a breakaway gap and completed a measured movement. It recently broke out of a symmetrical triangle and completed a measured movement from that pattern. Price action returns the the cradle of the symmetrical triangle ~60% of the time. I'd like to see price action remain above the cradle of the pattern and above the VWAP from the low of the pattern. It will be concerning if this level doesn't hold as we have an airgap in the volume profile, potential to fill the May gap, and potential to retest the golden ratio in the $695-705 range. My game plan: - Take profit if we fall to $845, which is 50% of a 20 period ATR below the cradle of the triangle - Four accumulation targets: $790, $750, $730, $705 which represent the 0.382 and bottom of the patter, the top and bottom of the gap, and the golden ratio
NASDAQ:AVGO
by Ben_1148x2
1
AVGO: Bullish Pennant, confirmed (29,16%)(10/1000)(10/1000) Confirmed Bullish Pennant pattern for AVGO. 29.16% possible gains. Pros: 1- PPS above 50MA and 200MA 2- RS above 0 and climbing 3- R/R ratio above 5 4- 250RSI above 50 and climbing 5- 50MA above 200MA 6- Both 50MA and 200MA ascending 7- Golden cross circled in blue 8- Descending volume during flag forming 9- Volume during post forming 10- Break out with volume Cons: 1- ATR descending, less volatile Target price is 1048,47$ Stay humble, have fun, make money! MAAX
NASDAQ:AVGOLong
by LeLaf
Symmetrical TriangleNeutral until broken with a trend in that direction. The Williams Alligator indicator is a technical analysis tool that uses smoothed moving averages. The indicator uses a smoothed average calculated with a simple moving average (SMA) to start. It uses three moving averages, set at five, eight, and 13 periods. The three moving averages comprise the Jaw/blue, Teeth/white, and Lips/red of the Alligator. The indicator applies convergence-divergence relationships to build trading signals, with the Jaw making the slowest turns and the Lips making the fastest turns. The moving averages are in order today with the lips being on top. AVGO reached a high of 921.78 but price was quickly rejected as evidenced by a long candle wick. No recommendation. No recommendation.
NASDAQ:AVGO
by lauralea
AVGO: Is about to give a breakout signal. Follow it.AVGO is trading inside a Triangle pattern on a bullish 1D time frame (RSI = 62.459, MACD = 29.570, ADX = 26.143) supported by a HL trendline since October 14th 2022. The way the Triangle breaks to will most likely reveal the next medium term direction. Under it, we will sell and target the 1D MA100 (TP = 760.00) while over it, we will buy and target the 1.5 Fibonacci level (TP = 990.00). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
NASDAQ:AVGO
by InvestingScope
2
BB50 KISS SETUPBB50 KISS SETUP Moving average (50) usually shows the mid term trend of a certain stock, when the price is above the MA50 we can say that the stock is in a mid term uptrend phase. For swing trade strategies, MA50 can be used as a support and or entry for “buy on dip” or pullback entries after a breakout. Combining it with BB gives a better visualization given that we are looking at a volatility envelope rather than a single thin line we see on an MA. Other use: Trail stop for trend following and reactive profit taking. Tranche buy (BB50 kiss during markup phase in confluence with a cont pattern)
NASDAQ:AVGOLong
by cue31035
1
AVGO - Runaway and Breakaway GapsWill the most recent breakaway gap in NASDAQ:AVGO follow the trend of the next most recent small runaway gaps in its price trend? Gaps occur when the low price of the current day is higher than the high price of the previous day. The majority of gaps are filled over time, but a sudden gap fill usually indicates a trend reversal. A breakaway gap occurs at the beginning of a trend after a period of consolidation, similar to what we've observed with AVGO between March and May. We can project the outcome after a breakaway gap by measuring the vertical distance from the most recent swing low to the middle of the gap, and then using that same distance from the center of the gap to project the next local top of the trend. Historically, these projections have roughly a 60% likelihood of reaching their target.
NASDAQ:AVGOLong
by Ben_1148x2
2
AVGO earnings todayBroadcom (AVGO) Q2 earnings are today 6/1/23 at 4:15pm. Broadcom (AVGO) reported Q1 January 2023 earnings of 10.33 per share on revenue of 8.9 billion. The consensus earnings estimate was 10.11 per share on revenue of 8.9 billion. Revenue grew 15.7% on a year-over-year basis. "Consolidated revenue grew 16% year-over-year to 8.9 billion and adjusted EBITDA margin increased year-over-year to 64%," said Kirsten Spears, CFO of Broadcom Inc. "We generated 3.9 billion in free cash flow, representing a 16% increase year-over-year, and expect even stronger free cash flow in the second quarter." Q2 April 2023 Consensus: EPS = 10.09 Revenue = 8.70 B 6/2/23 expiry options data: Put Volume Total 12,273 Call Volume Total 18,669 Put/Call Volume Ratio 0.66 Put Open Interest Total 19,314 Call Open Interest Total 18,641 Put/Call Open Interest Ratio 1.04 6/9/23 expiry options data: Put Volume Tota l1,607 Call Volume Total 6,289 Put/Call Volume Ratio 0.26 Put Open Interest Total 4,717 Call Open Interest Total 4,979 Put/Call Open Interest Ratio 0.95 6/16/23 expiry options data: Put Volume Total 2,493 Call Volume Total 4,775 Put/Call Volume Ratio 0.52 Put Open Interest Total 38,577 Call Open Interest Total 27,669 Put/Call Open Interest Ratio 1.39 1 day chart technical levels: SMA50 = 646 SMA200 = 563 YTD high = 921.78 YTD low = 549.99 TTCATR VWMA20 top = 833 R3 = 812 R2 = 792 R1 = 772 pivot = 752 S1 = 732 S2 = 712 S3 = 692 bottom = 671
NASDAQ:AVGO
by Options360
NVDA Closed at Support | SPY & QQQ Long Term Outlook Guide- NVDA closed right at support very likely testing it again tomorrow morning. - Nvidia does not have a lot of support in the gap zone so potentially more sell off if we do get into the zone. - SPY rising wedge pattern is still in play. - QQQ daily consolidation is still healthy havnt even pull back to 0.382 yet which potentially can still be a daily bull flag. - pulling back over 0.5 will start to favor the bears on the next bounce as of now we still need more proving from the bears.
NASDAQ:AVGOShort
by ArcadiaTrading