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Watch for Broadcom to Potentially Rebound After Falling 1.24% Yesterday
Nov 15, 2012 (SmarTrend(R) News Watch via COMTEX) --
Broadcom (NASDAQ:BRCM) traded in a range yesterday that spanned from a low of $30.11 to a high of $30.90. Yesterday, the shares fell 1.2%, which took the trading range below the 3-day low of $30.35 on volume of 8.0 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.
In the past 52 weeks, shares of Broadcom have traded between a low of $27.59 and a high of $39.66 and are now at $30.32, which is 10% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has remained constant.
SmarTrend recommended that its subscribers protect gains by selling shares of Broadcom on October 3rd, 2012 by issuing a Downtrend alert when the shares were trading at $34.08. Since that call, shares of Broadcom have fallen 10.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Write to Chip Brian at cbrian@mysmartrend.com
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