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Avago Technologies(AVGO - Get Report) is a designer, developer and global supplier of a range of analog semiconductor devices with a focus on III-V based products. This stock is trading up 5.7% at $33.05 in recent trading.
Today's Volume: 2.6 million
Average Volume: 2.1 million
Volume % Change: 138%
Shares of AVGO are ripping higher today after the company reported adjusted earnings that exceeded Wall Street expectations. Following the report, Sterne Agee said the company is executing well and maintained its buy rating. Jefferies also said the company has excellent visibility into revenue growth and said it remains a buyer of the stock following the company's second quarter results.
From a technical perspective, AVGO is spiking sharply higher here on above average volume. This move has pushed AVGO right below its 200-day
moving average of $33.37.
Traders should now look for long-biased trades if AVGO can manage to sustain a move or close back above its 200-day moving average with high volume. Look for volume on that move that's near or above 2.1 million shares. If we get that action soon, I would then add to any long positions if AVGO can take out its 50-day moving average of $35.22 and some near-term overhead
resistance at $35.31 with high volume.
As of the most recently reported period, Avago was one of the
top holdings at Lee Ainslie's Maverick Capital.