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

By Shiri Gupta

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 $315.69 and $315.69 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.

Broadcom Ltd (NASDAQ:AVGO) is currently priced 1.7% above its average consensus analyst price target of $310.39. The stock should find initial support at its 50-day moving average (MA) of $285.30 and further support at its 200-day MA of $246.64.

Over the past year, Broadcom Ltd has traded in a range of $197.46 to $317.44 and is now at $315.69, 60% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.4%.

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.

SmarTrend is tracking the current trend status for Broadcom Ltd and will alert subscribers who have AVGO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle broadcom ltd

Ticker(s): AVGO