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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Broadcom Ltd (NASDAQ:AVGO) based on the price action in the company's shares. Yesterday's price range of $311.70 and $313.48 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. Traders and investors interested in shares of Broadcom Ltd may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Broadcom Inc. designs, develops, and markets digital and analog semiconductors. The Company offers wireless RF components, storage adapters, controllers, networking processors, switches, fiber optic modules, motion control encoders, and optical sensors. Broadcom markets its products worldwide.

In the past 52 weeks, shares of Broadcom Ltd have traded between a low of $250.09 and a high of $331.58 and closed yesterday at $316.00, which is 26% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Broadcom Ltd (NASDAQ:AVGO) defies analysts with a current price ($316.00) 1.8% above its average consensus price target of $310.39. Broadcom Ltd shares have support at the 50-day moving average (MA) of $315.18 and additional support at the 200-day MA of $294.13.

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: bullish am inside day candle broadcom ltd

Ticker(s): AVGO