Broadcom (AVGO): is it a good chance to buy in dip after 4Q earning?

Broadcom (AVGO), a developer of a range of semiconductors, disclosed fourth quarter adjusted EPS of 6.35 dollars...

Uptrend 1

Broadcom (AVGO), a developer of a range of semiconductors, disclosed fourth quarter adjusted EPS of 6.35 dollars, just above the estimate, up from 5.39 dollars last year on revenue of 6.5 billion dollars, also just ahead of the consensus, up from 5.8 billion dollars a year earlier. Although the result beat the estimation, the stock prices fell 1.5% in after market session.

Hock Tan, President and CEO of Broadcom Inc, said: "Our first quarter revenue outlook, which projects continued overall strength, is expected to show 13 percent year over year growth, all organic."

On a daily chart, the stock posted a pullback from $426 after breaking above the consolidation zone. The RSI also turned downward from the overbought level at 70. In fact, the prices are still trading above both rising 20-day and 50-day moving averages. The bullish readers could set the support level at $375, while resistance levels would be located at $426 and $457.

Source: GAIN Capital, TradingView

More from Equities

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.