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Possible Bearish Inside Day Candle Pattern Detected for Broadcom Ltd (NASDAQ:AVGO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Broadcom Ltd (NASDAQ:AVGO) based on the price action in the company's shares. Today's price range of $280.80 and $284.34 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Broadcom Ltd may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 10.3% exists for Broadcom Ltd, based on a current level of $281.40 and analysts' average consensus price target of $310.39. Broadcom Ltd shares should encounter resistance at the 50-day moving average (MA) of $282.67 and support at its 200-day MA of $273.83.

Broadcom Limited designs, develops, and supplies semiconductors and integrated circuits. The Company offers products such as broadband carrier access, cables, switches, network processors, and wireless connectors. Broadcom markets its products worldwide.

Over the past year, Broadcom Ltd has traded in a range of $204.68 to $323.20 and is now at $281.40, 37% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

SmarTrend is monitoring the recent change of momentum in Broadcom Ltd. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Broadcom Ltd in search of a potential trend change.

Keywords: bearish inside day candle broadcom ltd

Ticker(s): AVGO