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- 1 Broadcom Inc, AVGO stock price is trying to sustain at the top to reach the $1000 mark, get AVGO’s roadmap to $1000 in 2023.
- 2 AVGO Shares dropped below 20 and 50-EMAs now trying to sustain at 100-days DMA to remain above the 200-days daily moving average.
- 3 Broadcom Inc. (NASDAQ: AVGO) stock gained 44.22% year to date.
AVGO stock price is trying to remain at the top in order to surge towards the $1000 mark but currently it consolidates at the top. AVGO shares have been trying to break out of the $923 resistance to establish a new all time high but couldn’t sustain there and stuck inside the consolidation phase. Now buyers need to accumulate at a significant rate to push AVGO upwards. However, currently sellers are trying to pull AVGO share price down towards the lower price range of the consolidation phase.
AVGO stock price has been consolidating below the $923 resistance since May 2023 and analysts believe that AVGO may register its breakout to reach the $1000 mark by the end of 2023. Broadcom stock must accumulate buyers in order to recover towards the $923 mark and register its breakout from the consolidation phase.
AVGO stock price was at $814.83 and lost 2.14% of its market capitalization during Tuesday’s trading session. Trading volume was below average and needs to grow in favor of buyers during Wednesday’s trading session. This demonstrates that sellers have pulled AVGO towards the lower price range and now buyers may approach to save AVGO shares from slipping significantly.
Will AVGO Stock Price Bounce Back?
AVGO stock price has been trying to surge out of the $923 resistance level to recover and reach the $1000 mark making a new all time high. However, AVGO share price has been caged inside the horizontal range-bound area over the daily time frame chart. Meanwhile, volume change can be seen below average and needs to grow in favor of buyers. AVGO Shares dropped below 20 and 50-EMAs now trying to sustain at 100-days DMA to remain above the 200-days daily moving average.
AVGO stock needs to break out from certain resistances to reach the $1000 mark. However, in order to attain maximum recovery at first AVGO shares must break out from the $850 primary resistance level to initiate its recovery phase.
After that AVGO share price must soar towards the $923 mark breaking out of the $870 resistance with mild consolidation in between. By the end of 2023, AVGO may break free from the consolidation phase finally moving out of the $923 resistance level and sustain there to remain in the recovery phase and surge towards the $950 pre final milestone.
Nevertheless, Broadcom stock price declined by 1.73% in a week and 9.65% in a month. Moreover, AVGO share dropped around 6.06% in the last three months but managed to gain 30.55% in the last six months. In addition, AVGO stock price surged around 44.22% year to date.
Technical indicators highlight the downtrend in Broadcom stock. Relative strength index (RSI) highlights the downtrend in the AVGO chart. RSI was at 41 and is moving towards the oversold territory. Investors in Broadcom Inc. (NASDAQ: AVGO) need to wait for any directional change and let the AVGO stock price sustain at the $850 primary resistance level to initiate its recovery phase.
Summary
AVGO stock price is trying to remain at the top in order to surge towards the $1000 mark but currently it is consolidating at the top. AVGO stock price has been consolidating below the $923 since May 2023 and analysts believe that AVGO may register its breakout to reach the $1000 mark by the end of 2023. AVGO stock needs to break out from certain resistances to reach the $1000 mark. In addition, AVGO stock price surged around 44.22% year to date. Technical indicators suggest the downside trend of Broadcom stock.
Technical Levels
Support Levels: $805.05 and $795.00
Resistance Levels: $850.00 and $875.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
