AVGO forming rounded base

AVGO forming rounded base

A reader requested a chart for AVGO:

This stock is low volume so I wouldn't make option plays on it unless you buy deep in the money calls/puts.

AVGO has been forming a rounded bottom for 15 days or so, it looks set to turn to the upside. It has to close above 18 to make a sustained up move. Upside target is 19. Support is at 17, it it breaks below 17, then it's headed for 16.

Watch for the backtest of the drawn sloping trendline, if it fails to break above the sloping trendline then it will drop.

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