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Advanced TA SearchArchive
- 5/3/2024 -
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Avago Technologies (AVGO) Technical Analysis
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| Summary:
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| | It was the negative week for the Avago Technologies (AVGO). During the week, the AVGO dropped -65.96 points, or -4.91%, and closed at 1278.11 on Friday, May 3, 2024. Weekly volume was -16% below average.
 Long-term trend: [See AVGO long-term trend chart]
A long-term uptrend had started on October 26, 2023 at 818.34 and reached 1438.17 on March 4, 2024. AVGO gained -619.83 points, or -75.74%, in 18 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend support line (1327.63) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a long-term trend.
 Medium-term trend: [See AVGO medium-term trend chart]
A medium-term downtrend had started on March 4, 2024 at 1438.17 and reached 1197.56 on April 19, 2024. AVGO lost 240.61 points, or 16.73%, in 6 weeks. The chart has formed a Descending Triangle chart pattern. The trend support level is at 1194.62 and resistance is at 1371.34. A Descending Triangle is a variation of triangle formation that has a flat support line and falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. A Descending Triangle usually represents a distribution stage in bearish market. A Descending Triangle is considered to be a continuation pattern, especially in a down trend, but it may also mark a reversal in an uptrend. Use the following link to access a Descending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Descending Triangle pattern in a medium-term trend.
 Weekly Technical Indicators: [See AVGO weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 12, 2024. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
 Short-term trend: [See AVGO short-term trend chart]
A short-term downtrend had started on April 4, 2024 at 1403.98 and reached 1197.56 on April 19, 2024. AVGO lost 206.42 points, or 14.70%, in 15 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 1058.71 and resistance is at 1341.15. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a short-term trend.
Daily Technical Indicators: [See AVGO daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is below its signal line since April 30, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term downtrend is getting stronger.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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