Broadcom may rise to 1963.00 - 2038.00

Our pivot point is at 1557.

Our preference

The upside prevails as long as 1557 is support.

Alternative scenario

The downside breakout of 1557 would call for 1436 and 1365.

Comment

The RSI is above 70. It could mean either that the stock is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the stock is trading above both its 20 and 50 day moving average (respectively at 1412.9505 and 1350.3892). Finally, Broadcom has crossed above its upper daily Bollinger band (1563.02).

Supports and resistances

2114 **

2038 *

1963 **

1887

1678.51 (USD-last)

1605

1557 **

1436 *

1365 **

Number of asterisks represents the strength of support and resistance levels.