Could Broadcom (AVGO Stock) move towards the $585 level?

AAATrade Team AAATrade

Today’s instrument is the Broadcom.Inc‘s stock traded on the Nasdaq exchange under the ticker AVGO.

When we look at the AVGO ‘s chart, we can see the spike from the $550 level on the 28th of May to the $580 level and the consolidation at the same level. On the 1st of June it managed to reach as high as $590 but unable to move higher it returned to the $577 level forming support at the $568 level. During yesterday’s it mainly traded sideways and was last found trading at the $577 range.

Today we can expect a move towards the $585 level, returning to the past week’s trading range.

If, however, it doesn’t manage to hold on to the current level then a move below the $568 closest temporary support can be expected.

Author

AAATrade Team

AAATrade

The AAATrade Team has extensive experience in content writing for the financial industry. Stelios Nikolaou is the lead writer of the team, he currently works at AAATrade to provide research and content writing services.

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