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Broadcom price leans on SMA support - Forecast today - 05-11-2024

Economies.com
2024-11-05 10:27AM UTC

 Broadcom’s stock price (AVGO) fell in the intraday levels while trying to gather momentum to rise anew, under pressure from negative signals from the RSI while reaching oversold levels, as the stock eventually leaned on the support of the 50-day SMA, amid the dominance of the main upward medium-term trend. 

 

Therefore we expect the stock to return higher, targeting the pivotal resistance of $185.00, provided the support of $156.40 holds on.

Ethereum price (ETHUSD) forecast update - 05-11-2024

Economies.com
2024-11-05 09:21AM UTC

Ethereum price (ETHUSD) shows clear bullish bias to breach the first resistance at 2432.00$ and head towards potential test to the most important resistance line at 2496.22$, and as long as the price is below this level, our bearish overview will remain valid and active for the upcoming period, as breaching this level will push the price to continue the rise and achieve more positive targets, while the price needs to trade below 2432.00$ to reinforce the chances of resuming the bearish trend that its next target located at 2328.16$.

 

The expected trading range for today is between 2290.00$ support and 2520.00$ resistance.

 

Trend forecast: Bearish

Bitcoin price (BTCUSD) forecast update - 05-11-2024

Economies.com
2024-11-05 09:21AM UTC

Bitcoin price (BTCUSD) trades with clear positivity to breach the bearish channel’s resistance line and test the key resistance 69160.00$, which urges caution from the upcoming trading, as the price needs to consolidate below this level to keep the bearish trend scenario active for today, which its next target located at 65485.00$, noting that breaching the mentioned resistance will lead the price to achieve additional gains that reach 71550.00$ as a next positive station.

 

The expected trading range for today is between 66000.00$ support and 69600.00$ resistance.

 

Trend forecast: Bearish

Brent oil price forecast update 05-11-2024

Economies.com
2024-11-05 09:21AM UTC

Brent oil price keeps its stability above 75.36$ level, to keep the positive scenario valid for today, waiting to gather positive momentum that assist to push the price to resume the bullish trend that its next target located at 76.84$, noting that breaking 75.36$ will put the price under negative pressure that targets 73.90$ mainly.

 

The expected trading range for today is between 74.20$ support and 77.20$ resistance.

 

Trend forecast: Bullish