Chart of the Day: Is Broadcom Finally Near a Buy Point?
This name we have watched from the Bullpen remains elusive.
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There is a saying on Wall Street that goes something like this: "The best trends are often very difficult to get on board." Such is the case with Broadcom AVGO, a name we have been stalking for months, looking for that elusive entry point. In the meantime, the stock just continues to move upward in bullish fashion. Higher highs, higher lows are the hallmark of a bullish uptrend.
The candles are either blue or teal, which is simply bullish according to the GoNoGo composite of indicators. However, not all is dandy for Broadcom, which has some indicators looking to go south. The stochastics (pane 4) and money flow (bottom pane) appear to be running out of steam and the MACD (pane 2) also seems to have rolled over.
But we always looking to the primary indicator of price first, as these secondary indicators can rehabilitate from the current condition with the help of more strong price action. We certainly wish we had bought this stock way back when, but will continue to wait patiently for our time to come.
We do not hold Broadcom in TheStreet Pro Portfolio, but it is on our watch list in the Bullpen.
