Broadcom price leans on SMA support - Forecast today - 18-03-2024

Broadcom’s stock price (AVGO) keeps rising in the intraday levels while seeking a bottom to help it gather momentum, while leaning on support of the 50-day SMA, amid the dominance of the main upward trend in the medium term, with positive signals from the RSI after reaching oversold levels compared to the stock’s movements, hinting at positive divergence. 

Therefore we expect the stock to return higher, targeting the resistance of 1,438.17 anew, provided the support of 1174.31 holds on.

Trend forecast: Likely Bullish