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Possible Bullish Inside Day Candle Pattern Detected for Avago Technologies (NASDAQ:AVGO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Avago Technologies (NASDAQ:AVGO) based on the price action in the company's shares. Today's price range of $162.44 and $163.88 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. Traders and investors interested in shares of Avago Technologies may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Based on a current price of $162.79, Avago Technologies is currently 0.8% above its average consensus analyst price target of $161.52. The stock should find initial support at its 50-day moving average (MA) of $149.23 and further support at its 200-day MA of $132.99.

Avago Technologies share prices have moved between a 52-week high of $167.60 and a 52-week low of $100.00 and are now trading 63% above that low price at $162.79 per share. The 200-day and 50-day moving averages have moved 0.14% higher and 0.76% higher over the past week, respectively.

Avago Technologies Ltd. manufactures semiconductor products such as optoelectronics, radio-frequency and microwave components, and application-specific integrated circuits. The Company's products are used in mobile phones, consumer electronics, enterprise and telecom networking gear, optical mice, automotive electronics, and military and aerospace systems.

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

Keywords: bullish inside day candle Avago Technologies

Ticker(s): AVGO