AVGO ShortAVGO, after forming a 4 month flat base last year, broke out on big volume . After reaching its peak around 285, it's been struggling for 2 months, coming back to the breakout level. Then it finally gave up and plunged through the breakout level on big volume . After coming back from the bottom of the previous base (on really low volume ), it tried to break out again, but failed on a huge volume , falling back to the same level, which acts as a neckline in the forming head & shoulders pattern. It had 2 attempts to break above the 200 day MA, both resulting in failure. It will probably consolidate between the neckline and the Moving Averages for a while, but when it breaks the Neckline, it is clearly going to be in a downtrend.
