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

By Nick Russo

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 $316.17 and $317.33 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.

In the past 52 weeks, shares of Broadcom Ltd have traded between a low of $230.33 and a high of $331.20 and closed yesterday at $313.27, which is 36% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.2%.

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.

Broadcom Ltd (NASDAQ:AVGO) is currently priced 0.9% above its average consensus analyst price target of $310.39. Broadcom Ltd shares have support at the 50-day moving average (MA) of $309.83 and additional support at the 200-day MA of $293.11.

SmarTrend recommended that subscribers consider buying shares of Broadcom Ltd on October 15th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $286.41. Since that recommendation, shares of Broadcom Ltd have risen 10.3%. We continue to monitor AVGO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle broadcom ltd

Ticker(s): AVGO