Elliott Wave Technical Analysis: Broadcom Inc., Sept. 28

Elliott Wave Analyst - tradinglounge • Sep 28, 2022 at 6:42 AM EDT

Broadcom has been in oversold territory for a while now, so much so that it could become interesting to buy in the future.

Broadcom Inc., Elliott Wave Technical Analysis

Broadcom Inc., (AVGO): Daily Chart, September 28 2022,

AVGO Stock Market Analysis: I wanted to zoom out to show you how we are approaching the volume point of control off the entire rally from the Covid-19 lows.

AVGO Elliott Wave count: Z of (2).

AVGO Trading Strategy: Looking for a clear sign of upside resumption to then place long term trades.

AVGO Technical Indicators: We have been in oversold territory for a while now so this could become interesting to buy in the future.

TradingLounge Analyst: Alessio Barretta

Source Tradinglounge.com

Broadcom Inc., AVGO: 4-hour Chart, September 28 2022

Broadcom Inc., Elliott Wave Technical Analysis

AVGO Stock Market Analysis: I would be looking for further downside as the move down in wave {c} does not seem complete. In addition to that we are lookin at equality of W and Z at 424$.

AVGO Elliott Wave count: {c} of Z.

AVGO Technical Indicators: Below all averages in oversold territory.

AVGO Trading Strategy: Looking for short term shorts, eventually using the 20 day EMA as resistance as long as every upside pullback is in a three wave nature.

More By This Author:

Elliott Wave Analysis: What's Going On In The Markets?
DAX 40 Index Chart And Forecasts Elliott Wave
CostCo Wholesale Corp.(COST:NASDAQ) Elliott Wave Technical Analysis September 27 2022

Disclosure:

As with any trading or investment opportunity there is a risk of making losses especially in day trading or investments that Trading Lounge expresses opinions on. Note: Historical trading results are no guarantee of future returns. Some investments are inherently more risky than others. At worst, you could lose your entire investment and more TradingLounge™ uses a range of technical analysis tools, such as Elliott Wave, software and basic fundamental analysis as well as economic forecasts aimed at minimising the potential for loss. The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without taking into account your particular objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide, tradinglounge takes no responsibility whatsoever for your trading profits or losses. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice in light of your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in Indices Stocks shares Forex CFDs Options Spread Betting derivatives of any kind / products is appropriate for you in light of your financial trading circumstances.

STOCKS IN THIS ARTICLE

Comments

Back to all articles