Image Source: Broadcom.com

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

When we look at the AVGO ‘s 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 Inc had scheduled a quarterly earnings announcement yesterday 03/03/2022. 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.