Watch these Broadcom price levels as shares rise on strong AI sales growth

• Broadcom shares rose in extended trading Thursday after the chipmaker reported better-than-expected earnings and issued a rosy forecast amid strong sales growth driven by artificial intelligence.

• The stock is poised to exit the ascending triangle on Friday, paving the way for the stock’s long-term uptrend to continue.

• The Bars Pattern tool, which extracts the stock’s uptrend from December 2023 to June of this year and repositions it from the upper trend line of the ascending triangle, expects an upside target of around $315.

• Investors should watch key support levels on Broadcom’s chart during pullbacks near $185 and $140.

Broadcom (Afgo) Shares rose in extended trading Thursday after The chip manufacturer reported Better-than-expected earnings and issued rosy forecasts amid strong sales growth based on artificial intelligence.

The company said fiscal year 2024 AI profit More than tripled, driven by our AI-powered XPUs and Ethernet portfolio. After-hours gains accelerated after CEO Hock Tan told analysts about the company Earnings call He expects significant opportunities for artificial intelligence over the next three years, adding that he sees accelerator and network sales in fiscal year 2027 at between $60 billion and $90 billion.

As of Thursday’s close, Broadcom shares were up 64% year-to-date. The stock rose 14% to about $206 in extended trading.

Below, we break it down Technologies On Broadcom Weekly chart And identify the main price levels that are worth paying attention to.

Broadcom shares have been consolidated into… Ascending triangle Since mid-June, the chart pattern indicating a continuation Of the stock’s long-term upside.

In fact, the price is preparing to break above the top of the formation Trend line on Friday, paving the way for further rise.

Moreover, the Relative Strength Index (RSI) It gives a reading just above 50, which confirms bullish momentum and indicates that stocks have plenty of room to test higher prices as they move into… Discover the price.

Let’s apply Technical analysis To predict potential upside Price target And also define two keys Support levels This will likely attract buying interest during corrections.

To predict the upside target in a stock, investors can use the Bars Pattern tool, which does the analysis in advance Directions To help predict future directional movements.

Applying the tool to a Broadcom chart, we extract the stock’s uptrend from December 2023 to June of this year and reposition it from the upper trend line of the ascending triangle. This projects a long-term upside target of around $315.

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