Shares of Broadcom (AVGO - Get Report)  , the Stock of the Day on sister site Real Money, were mostly unchanged after reporting third-quarter earnings. However, in midday Friday trading, shares are down about 3.5% to $290.

Is it an opportunity to get long for those that have missed the train?

The headline numbers from the quarter appear somewhat pedestrian. While not bad, they weren't impressive enough to push the stock higher after its 10% rally over the past month.

Non-GAAP earnings of $5.16 per share came in 3 cents ahead of expectations, while revenue of $5.52 billion was in-line with expectations and grew 9.1% year-over-year.

Management stuck to its prior full-year revenue outlook for $22.5 billion, which is just below the $22.6 billion analysts expect. However, free cash flow generation remained quite impressive.

All of this has led to a slight decline on Friday. Where will support come into play?

Broadcom's Warning on Chip Demand -- What Wall Street's Saying

Trading Broadcom Stock

Daily chart of Broadcom stock.
Daily chart of Broadcom stock.

The post-earnings action in Broadcom stock is discouraging, although shares are rallying off the session lows after it traded down to $283.89.

However, the action isn't disappointing simply because Broadcom stock fell. Instead, it's because the stock fell back below downtrend resistance (blue line). This downtrend mark has been in place since April, gradually squeezing AVGO stock lower.

Investors didn't mind it too much, though, partly because of its hefty dividend yield -- now at 3.65% -- and because rising uptrend support has been in place since the November lows. Helping give it a buy-the-dips boost has been the 200-day moving average.

On Wednesday and Thursday of this week, Broadcom stock had closed above downtrend resistance, giving investors hope that perhaps they may see a run back to the April highs near $320.

Now with Friday's pullback, those breakout hopes are off the table.

Bulls now need to see one of two things: A reversal and breakout over downtrend resistance, or a further correction. If it's the former, it could send AVGO stock to the $302 to $305 range. Above that could fuel a larger breakout. If it's the latter and shares pull back, look for a dip-buying opportunity near the 200-day moving average and uptrend support.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.