Chart of the Day: Watching This Bullpen Name as it Could Be Time to Buy
A move down to a strong support area has our eyes on this name.
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We've said many times that the best trends barely give you a chance to get on board. Broadcom AVGO is one of those names that is persistently in an uptrend.
Oh, there are times when this Bullpen name does pull back, such as it did in April with the rest of the market. That was an ideal time to add the stock (like many others), as it has risen now close to 100% since then. We have been watching and waiting for a more concentrated pullback, providing a good entry point after testing support.
This recent move down to the 50-day moving average might be the right spot to add, but we are still watching this name for any further moves downward. The indicators are still flashing bearish with a crossover in the MACD, stochastics (momentum) rolling over while the parabolic stop and reverse (SAR) just went bearish for the first time in a few weeks.
But we always defer to the price action, which is king — and with teal-colored candles (GoNoGo system) that is still cautiously bullish. We should see this start to move again soon, earnings are out in early September.
We are watching Broadcom from the sidelines as it remains in our Bullpen.
