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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. Yesterday's price range of $230.00 and $242.09 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.

Broadcom Ltd has overhead space with shares priced $230.69, or 25.7% below the average consensus analyst price target of $310.39. The stock should run into initial resistance at its 50-day moving average (MA) of $277.68 and subsequent resistance at its 200-day MA of $289.66.

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 $155.67 and a high of $331.58 and closed yesterday at $230.69, which is 48% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.9% while the 200-day MA has slid 0.5%.

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 am inside day candle broadcom ltd

Ticker(s): AVGO