We're Changing the Broadcom Game Plan After Harsh Fall
We'd like to shift our mix of chip exposure but we'll need to see a positive test for AVGO first.
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When we laid out our potential action plan for shares of Broadcom (AVGO) last week, we explained why the 50-day moving average was a key area for us to watch. Because AVGO shares closed Friday below the 50-day moving average, we were looking for a positive test of that support level, which would have been AVGO shares closing above the 50-day moving average with Monday's market close.
Following the continued pressure on AVGO shares on Monday, we did not get that. Instead, AVGO shares closed at $339.81, below the 100-day moving average at $339.94.
This means we are now looking for a positive test of that support level, which would mean AVGO shares closing above $339.94 on Tuesday. We’ll also keep a close watch on the MACD indicator as well as the September gap in the shares.
With all of that in mind, we’ll have Bob Lang deliver a more in-depth technical look at AVGO shares.
While the reasons why we would aim to realign the Portfolio’s chip exposure across Nvidia (NVDA) , Marvell (MRVL) , Qualcomm (QCOM) and AVGO shares have not changed, AVGO shares finding their footing would be a good first step.
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At the time of publication, TheStreet Pro Portfolio was long NVDA, MRVL and QCOM.
