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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. Yesterday's price range of $314.18 and $316.40 is within the prior day'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.

Based on a current price of $316.40, Broadcom Ltd is currently 1.9% above its average consensus analyst price target of $310.39. The stock should discover initial support at its 50-day moving average (MA) of $286.29 and subsequent support at its 200-day MA of $246.99.

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.

Broadcom Ltd share prices have moved between a 52-week high of $317.44 and a 52-week low of $197.46 and closed yesterday at 60% above that low price at $316.40 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 1.0%.

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 am inside day candle broadcom ltd

Ticker(s): AVGO