Broadcom Bulls in Charge

Published on Tuesday, 27 July 2010 11:40 Written by Danny Miller

New York, July 27th (TradersHuddle.com) - Shares of Broadcom Corporation (NASDAQ:BRCM) booked a new 52 week high today by trading above $38.4, traders are definitely monitoring Broadcom's price action to see if this move attracts further buying into the stock.

Broadcom Corporation (NASDAQ:BRCM) provides integrated silicon solutions that enable broadband digital data transmission of voice, data, and video content to the home and within the business enterprise. The Company designs, develops, and supplies integrated circuits for cable set-top boxes, cable modems, high-speed networking, direct satellite and digital broadcast, and digital subscriber line.

Broadcom is currently trading -0.6% versus its previous trading session close, and it has calculated support and resistance at $35.37 and $37.79 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -0.37% from its previous trading close, which means that Broadcom stock is underperforming the overall market.