When we look at the Broadcom Inc (NASDAQ:AVGO) chart, we see the choppy price action for the past week, climbing initially to the $585 range, attempting to consolidate but failing, leading to the drop in the $565 where support was formed.
Since then, it rallied back up to the $585 range once again, reaching as high as $595, but failed yet again to hold on, which lead to the drop to the $575 level. It was last found trading at the $578 range, with longer-term resistance found at $600 and closest support level at the $573 range.
Broadcom had scheduled a quarterly earnings announcement yesterday. Earnings expectations were surpassed, with both EPS and Revenue estimations beating estimates.
Today we can expect a move towards the $600 price level. If however, it doesn’t manage to hold on to the current level then a below the closest temporary support of $573 can be expected.