Watch These Broadcom Price Levels After Stock’s Recent Rally on AI Optimism
Key Takeaways
- Broadcom shares rallied to a record high this week as the chipmaker positions itself as a key competitor to AI favorite Nvidia.
- The relative strength index warns of overbought conditions, with the indicator reaching a level that preceded major consolidation phases in the stock during late 2021 and mid-2023.
- Bars pattern analysis projects a potential bullish price target of around $680 by October next year.
- Investors should watch key support levels on Broadcom’s chart near $250 and $185.
Broadcom (AVGO) shares rallied to an all-time high this week as the chipmaker positions itself as a key competitor to AI favorite Nvidia (NVDA).
The stock surged nearly 10% to a record close near $370 Wednesday, before pulling back…
