Broadcom stock price up more than 12.27% on Thursday, 1 month ago


The Broadcom stock price gained 12.27% on the last trading day (Thursday, 13th Jun 2024), rising from $1,495.51 to $1,678.99. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 5.04% from a day low at $1,652.52 to a day high of $1,735.85. The price has risen in 7 of the last 10 days and is up by 23.09% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 million more shares were traded than the day before. In total, 9 million shares were bought and sold for approximately $14.88 billion.

On Jun 13, 2024, it was reported that CFRA gave AVGO a "Buy" grade with a "hold" action.

The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $1,489.14, a level that may pose a second chance to hit a runner. According to fan-theory $1,681.44 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.


The Broadcom stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $1,471.00 and $1,372.21. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, June 03, 2024, and so far it has risen 27.01%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $1,348.00 and $1,344.07.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Broadcom finds support just below today's level at $1,348.00. If this is broken, then the next support from accumulated volume will be at $1,344.07 and $1,328.55.

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 $83.33 between high and low, or 5.04%. For the last week, the stock has had daily average volatility of 3.06%.

The Broadcom stock is extremely overbought on RSI14 (79). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Broadcom holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.

Check full Broadcom forecast and analysis here.