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TMCNet:  Watch for Shares of Broadcom (BRCM) to Approach Resistance at $34.52

[February 22, 2013]

Watch for Shares of Broadcom (BRCM) to Approach Resistance at $34.52

Feb 22, 2013 (SmarTrend(R) News Watch via COMTEX) -- Shares of Broadcom (NASDAQ:BRCM) have bullishly opened above the pivot of $33.81 today and have reached the first resistance level of $34.12. Should the shares continue to rise, the resistance pivots of $34.52 and $35.23 will be of interest.


Broadcom share prices have moved between a 52-week high of $39.66 and a 52-week low of $28.60 and are now trading 20% above that low price at $34.46 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has remained constant.

There is potential upside of 17.2% for shares of Broadcom based on a current price of $34.46 and an average consensus analyst price target of $40.37. Broadcom shares have support at the 50-day moving average (MA) of $33.79 and additional support at the 200-day MA of $33.47.

SmarTrend is monitoring the recent change of momentum in Broadcom. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Broadcom in search of a potential trend change.

Write to Chip Brian at cbrian@mysmartrend.com --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.MySmarTrend.com/signup

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