AVGO trade ideas
AVGO Elliott wave analysisI am new to this but I do see a pattern using Elliott wave on AVGO stock. If this is correct then the stock should be heading towards 186.
Wave 2 was small so as expected wave 4 was big. Wave 3 was exactly 1.618 of wave 1. Following ABC pattern wave C should end at 186. Also wave B had lower volume then wave A.
Please do comment if you think I am wrong as I would like to learn.
Thanks
AVGO: Sort opportunityAn intraday high potential, Back Tested Sort Analysis.
We ll try to enter into the correction of the uptrend movement tracking trend oscillators as below:
Price is likely to move within the parallel channel having the potential to break it down.
CCI triple top divergence breaking down the zero level.
Triple top resistance level.
A Breakaway gap at the end of a price pattern and signaling the beginning of the reversal.
We ll try to find an entry price within the expected pull back zone 257.90 - 260.60 as previously being back tested.
DETAILS ON THE CHART
NOTE: Entry range area above the entry point, is calculated upon 80% of the recorded pullback back tested past performances
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.
AVGO ShortAVGO, after forming a 4 month flat base last year, broke out on big volume . After reaching its peak around 285, it's been struggling for 2 months, coming back to the breakout level. Then it finally gave up and plunged through the breakout level on big volume . After coming back from the bottom of the previous base (on really low volume ), it tried to break out again, but failed on a huge volume , falling back to the same level, which acts as a neckline in the forming head & shoulders pattern. It had 2 attempts to break above the 200 day MA, both resulting in failure. It will probably consolidate between the neckline and the Moving Averages for a while, but when it breaks the Neckline, it is clearly going to be in a downtrend.
Silver Lake Green LightIts go time for long positions on AVGO! SilverLake Investments (global leader in tech investments) just purchased $85 million of open market shares.
The trend line says it all. AVGO is a money making machine. Not to mention AVGO is likely going to make another pass at QCOM now that its in the crossfire of the US-China trade war. If they aren't able to acquire QCOM they will buy another (smaller) company.
AVGO price target of $325
Broadcom - Price correctionFrom market analysis the price for this Stock - Broadcom - seems it has reached it highest point last December and now is in a correction phase, Elliot wave ABC. Today it has opened with a price GAP which in my analysis seems it is a continuation gap which occurs in the middle of the trend in this case: downtrend.
In my opinion go short and target would be in the are of previous low; 228.
*** This is not an investment advice ***
Broadcom soon to riseThe pink line represents long term trend and the green one a resistance that, if crossed, can signal a bullish trend. Moreover, the company just moved its fiscal domicile a few days ago to the US, so a new attempt of taking over Qualcomm is likely (this time it won't encounter president Trump's opposition).
Feel free to comment and share your opinion.
