Broadcom Stock Forecast

Green day on Tuesday for Broadcom stock after gaining 1.02%
(Updated on Jul 02, 2024)

AVGO Signals & Forecast

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 $1,607.92 and $1,497.95. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, June 17, 2024, and so far it has fallen -9.37%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Broadcom stock

Broadcom finds support from accumulated volume at $1,605.53 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $37.20 between high and low, or 2.29%. For the last week, the stock has had daily average volatility of 2.83%.

Our recommended stop-loss: $1,604.11 (-3.22%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 20 days ago.)

Trading Expectations (AVGO) For The Upcoming Trading Day Of Wednesday 3rd

For the upcoming trading day on Wednesday, 3rd we expect Broadcom Inc. to open at $1,646.23, and during the day (based on 14 day Average True Range), to move between $1,600.44 and $1,714.52, which gives a possible trading interval of +/-$57.04 (+/-3.44%) up or down from last closing price. If Broadcom Inc. takes out the full calculated possible swing range there will be an estimated 6.88% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $1,658.63 (0.07%) than the support at $1,605.53 (3.13%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Broadcom Inc. stock A Buy?

Broadcom holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.

Current score: 5.162 Strong Buy Candidate Unchanged

Predicted Opening Price for Broadcom Inc. of Wednesday, July 3, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.