AVGO trade ideas
AVGO great R/R to go long1. 4Hour oversold signal (in the past 1 year have seen a 10-15 point run higher before reversing)
2. Undercut and bounce at 200dma
3. Hammer at 200dma (will need confirmation on Monday)
4. Convergence of couple of trendlines support.
Good R/R to long with a stop under yesterday's lod at 245.
AVGO Nearing Demand ZoneNice fresh demand zone here on the 60min chart. Cautious about AVGO being in a strong down trend on higher time frames though. This move offers about a 7:1 reward to risk so I'm still interested with a slightly smaller position size.
Confidence in the semi-conductor industry thanks to the blockchain boom, regardless of whether this zone holds or not. Let's see what happens!
AVGO still a good playAvgo fell after I initially started watching it, I believe this was profit taking after the dividend period. However, price seems to be resting on a support line for now so I'm going to continue watching this. The arrows I drew more or less represent the price action that I'm expecting.