Broadcom Moving Above Resistance

Published on Thursday, 02 February 2012 06:56 Written by Danny Miller

New York, February 2nd (TradersHuddle.com) - Shares of Broadcom Corporation (NASDAQ:BRCM) closed the trading session at $37.13 just above calculated resistance at $36.12 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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's stock was trading in a well defined range with support at $34.02 and resistance at $36.12, given that this range was broken traders will be closely monitoring the stock