Broadcom Inc Stock code AVGO.NAS
Outlook
After a low on the 28th May, price has been on a rally and is now near to closing a gap resistance at $288.80. There is a Base line resistance at $284.60 and cloud resistance $288.40. Fibonacci 50% of the decline from $323.40 to $250.20 comes in at $286.70. There is a strong resistance zone from $286.70 to $288.70. MACD is still bearish and this current rally could be a corrective rally. If price is unable to move above $289.00, it is likely to decline back to $250.20.
Strategy
$288.50 Short Sell
$256.80 Price Target
$294.50 Risk Management Stop
3 weeks Trade Duration
Qualcomm Inc Stock Code QCOM.NAS
Outlook
Price has corrected back to the start of the gap and the edge of the cloud. Price was unable to move above the cloud and has dropped lower yesterday, confirming a Bearish Star pattern. If price is capped by the cloud and the gap, it is likely to move lower to test the low of $62.80 again. MACD is still bearish and its histogram has started to change colour and turned lower. This could be a sign the correction is over and price is about to decline again.
Strategy
$69.50 Short Sell
$62.80 Price Target
$72.70 Risk Management Stop
3 weeks Trade Duration
