Near Key Levels: Broadcom
Published on Friday, 15 June 2012 08:32 Written by TradersHuddle Wire
New York, June 15th (TradersHuddle.com) - Broadcom Corporation (NASDAQ:BRCM) closed the the trading session at $33.89, near its 50 day and 200 day moving averages currently set at $34.39 and $34.47 respectively. Broadcom's price action places the stock below these important levels, which makes it difficult to be bought, as it will certainly face resistance as it approaches these important moving averages.
Broadcom Corporation (NASDAQ:BRCM) provides integrated silicon solutions that enable broadband, digital data transmission of voice, data, and video content to 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.
The latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $31.21 and resistance at $35.01. Traders should monitor these levels, as they provide insight into the latest price dynamics in Broadcom.
If traders want to establish a position on Broadcom, given the heavy resistance expected near the 50 and 200 day moving averages, a trade might be evident as the stock manages to break these moving averages. However, until the break materializes buying the stock is nothing different than flipping a coin.
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