What's Going On With Broadcom Stock Thursday? - Broadcom (NASDAQ:AVGO)

Broadcom (NASDAQ:AVGO) rose nearly 2% Thursday, supported by strength across chip and other mega-cap technology names as the overall market rallied. The Nasdaq gained 1.07% and the S&P 500 added 0.71%. The report also points to technical support: AVGO trades above its major moving averages, about 5.9% over the 20-day simple moving average at $398.61 and 14.4% above the 200-day average at $369.07. It also formed a “golden cross” in April, with the 50-day moving average moving above the 200-day. Momentum indicators remain positive, while resistance is cited near $429.50 and support around $370. On the fundamentals, Broadcom is scheduled to report earnings Sept. 2, with analysts expecting $3.16 per share and revenue of $29.44 billion. The stock trades at about 69.2 times earnings, and the consensus rating is Buy, with a cited average price target of $513.68.