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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 5.8% at $35.73 in recent trading.
Today's Volume: 3.7 million
Average Volume: 1.8 million
Volume % Change: 254%
From a technical perspective, AVGO is bouncing to the upside here right off its 200-day moving average of $34.36 with above-average volume. Shares of AVGO have also started to flirt with its 50-day moving average of $35.74 today.
Traders should now look for long-biased trades in AVGO once it manages to trigger its next major breakout trade. That trade will hit once AVGO clears some near-term overhead resistance levels at $36.83 to $37.88 with high volume. Look for a sustained move or close above those levels with volume that hits near or above 1,832,270 shares. If that breakout triggers soon, then AVGO will have a great chance to re-test or possibly take out its next major overhead resistance levels at $39.22 to $39.45.
On the flip side, I would avoid AVGO or look for short-biased trades if it fails to trigger that breakout, and then drops back below some near-tem support levels at $33.22 to $32.14 with heavy volume.