Broadcom stock price took a fall of -6.16% on Tuesday

The Broadcom stock price fell by -6.16% on the last day (Tuesday, 3rd Sep 2024) from $162.82 to $152.79. During the last trading day the stock fluctuated 6.18% from a day low at $151.38 to a day high of $160.74. The price has fallen in 7 of the last 10 days and is down by -8.9% for this period. Volume has increased on the last day by 13 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 37 million shares were bought and sold for approximately $5.65 billion.

On Aug 27, 2024, it was reported that Wells Fargo gave AVGO a "Equal-Weight" grade with a "hold" action.

The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Broadcom stock with a 90% probability to be traded between $135.19 and $180.96 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Broadcom stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $159.73 and $155.89. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, August 19, 2024, and so far it has fallen -8.90%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Broadcom finds support from accumulated volume at $149.55 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $9.36 between high and low, or 6.18%. For the last week, the stock has had daily average volatility of 4.38%.

Broadcom holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.