Broadcom (AVGO) shares may see heightened volatility this week, with the chipmaker slated to release its fiscal 澳洲幸运5官方开奖结果体彩网:third-quarter earnings report after the closing bell on Thursday. Investors will likely be scrutinizing the company’s 澳洲幸运5官方开奖结果体彩网:artificial intelligence sales growth and full-year outlook, which have benefit🍨ed in recent quarters from 🐽growing demand for its custom AI chips.

The chipmaker’s stock, which trades around 11% below its record close, spent most of last month recovering from a recent steep 澳洲幸运5官方开奖结果体彩网:correction that was triggered by a broad-based sell-off in technology stocks and profit taking after the shares underwent a 10-for-1 澳洲幸运5官方开奖结果体彩网:stock split in July.

Below, we zone in on Broadcom’s 澳洲幸运5官方开奖结果体彩网:technicals and identify key price levels to watchꦺ out for leading into the 🅰company’s quarterly report.

Decreasing Volume Accompanies Recent Recovery

Since setting a 澳洲幸运5官方开奖结果体彩网:record high in mid-June, Broadcom shares fell as much as 31% before staging an impressive recovery throughout most of August to reclaim the 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA) by the end of the month. However, it’s worth pointing out that recent buying has occurred on decreasing volume, indicating a lack of 澳洲幸运5官方开奖结果体彩网:institutional activity.

Leading📖 into the Broadcom’s quarterly results, investors should keep their eyes peeled on several important chart levels that could come into focus.

Lower Price Levels to Monitor

The first lower price level in play sits around $157. This area, currently situated about 4% below Friday’s close, could find support from a 澳洲幸运5官方开奖结果体彩网:horizontal line connecting recent 澳洲幸运5官方开奖结果体彩网:swing lows in June and August.

A failure to hold this important location could see the shares drop to the $141 area, a location on the chart where investors may look for buying opportunities near a four-month period of 澳洲幸运5官方开奖结果体彩网:sideways drift in the stock between Match and June

Higher Price Levels to Watch

An initial move higher from current levels may propel a jump to $168, where the stock could run into 澳洲幸运5官方开奖结果体彩网:resistance near several gap trading levels that formed on the chart in Jun🉐e and July. The area also sits closely positဣioned to last month’s high and a trendline joining the June and August peaks.

To project a 澳洲幸运5官方开奖结果体彩网:price target above the 澳洲幸运5官方开奖结果体彩网:all-time high (ATH), we can extract the stock’s trending move from December to March that commenced with similar 澳洲幸运5官方开奖结果体彩网:price action to last month’s recovery and reposition it from the August swing low. Such a technique forecasts an upside target of aღround $195, about 5% above Broadcom’s record high.

Broadcom s♈hares were down 1.3% at $160.70 in premarke💜t trading around 7:10 a.m. ET Tuesday.

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