Broadcom Stock Chart Analysis: Measured Move Finds Target

Shares of Broadcom Inc. (AVGO) continue to grind higher, hitting new all-time highs almost daily. The semiconductor stock has rallied from a March 2020 low of $155.00 to its current $422.50 level. The Broadcom stock chart analysis gives some clarity as to where the stock will head before a major pull back.

With earnings reporting Thursday, December 10, this is useful for stock market traders and investors. While Broadcom is extremely extended, the technical measured move tactic shows it may get as high as $449.00 before it corrects sharply. Once it does correct, the downside could be as low as $325.00.

Finding the measured move level is pretty easy. Simply take the support pivot of $197.00 from July 2018, which was tagged again in March 2020 during the COVID-19 panic, and then note the clear pivots from early and late 2019 at $323.00. The difference here is $126.00 from low to high.

Once Broadcom breaks above $323.00, you simply add $126.00 to get the measured move of $449.00. The stock is now within 6% of the target, and earnings are reported on Thursday after the close. It is possible that it achieves the target earnings, or that it possibly hits on a quick earnings pop and sells.

Broadcom stock chart analysis seen below:

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