Key Takeaways
- Broadcom shares surged in premarket trading Friday after the chipmaker posted better-than-expected quarterly results, boosted by strong AI demand.
- The price looks set to break out above a symmetrical triangle, signaling a continuation of the stock’s current uptrend.
- The measured move technique projects a bullish target of $349. Investors should watch crucial support levels on Broadcom’s chart around $282, $265 and $247.
Broadcom (AVGO) shares surged Friday morning after the chipmaker posted quarterly results that topped Wall Street expectations amid booming AI demand.
The company announced late Thursday that it generated $15.95 billion in revenue in its fiscal third quarter, as AI revenue jumped 63% surge to $5.2…
