Broadcom’s stock (NASDAQ:AVGO) has added 7.23% over the past five trading sessions, and with analysts keen to offer upside revisions, seems intent on re-testing the $185 level, and breaking out of a range which has held for almost 6 months.
Taking a glance at the 6 month chart below, with daily candles, Broadcom is up at the $185 resistance level for the fourth time, with each of the previous attempts seeing a retracement. With bullish sentiment building, and earnings on deck after market close today, could the stock be set to push through to new highs?
Markets are expecting an EPS today of $1.39, against revenue of $14.06 billion. The company has a history of beats, with each of the past three quarters offering up outperformance on both top and bottom lines.
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City have come in ahead of earnings with a price target hike, shifting their view on Broadcom from $175.00 to $205.00 and maintained a buy rating on the semiconductor company’s stock.
Overall, Broadcom holds a consensus price target of $193.39, but when a stock breaks out to new highs, a period of price discovery is common. Technical analysis can only get you so far in these cases, and with recent earnings from peers delivering significant moves either way, you can expect a volatile reaction from AVGO.
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