Today’s instrument is the Broadcom.Inc‘s stock traded on the Nasdaq exchange under the ticker AVGO. 

When we look at the AVGO ‘s chart, we can see the spike from the $550 level on the 28th of May to the $580 level and the consolidation at the same level. On the 1st of June it managed to reach as high as $590 but unable to move higher it returned to the $577 level forming support at the $568 level. During yesterday’s it mainly traded sideways and was last found trading at the $577 range.

Today we can expect a move towards the $585 level, returning to the past week’s trading range.

If however, it doesn’t manage to hold on to the current level then a move below the $568 closest temporary support can be expected.

(Click on image to enlarge)