Broadcom Inc. (NASDAQ:AVGO) will announce Q1 results after market close on March 3. The results are expected to show revenues at $7.6 billion, representing a 14 percent growth from the same quarter in the previous year.
The projected growth is in line with the 15% revenue growth rate recorded in the last quarter of 2021. Considering the operating environment, the performance is expected to remain strong.
Broadcom shares set for a decline to find support at $465
Source – TradingView
The shares of Broadcom have had a sustained bullish closing higher each week over the last three weeks. Trading at $585 at the time of publishing this analysis, the shares were at some of the highest levels recorded by the company. The all-time high for the company is $677, which was recorded in the last week of December 2021.
Technical analysis indicates a convergence between MA 10 and MA 20 at 583. MA 50 remains lower at $520. MACD analysis indicates a downward momentum as the company continues the downward divergence from the signal.
The convergence of MA 10 and MA 20 together with the divergence of the MACD from the signal is an indication that the share is a sell at the prevailing price. In the event of a decline, Broadcom would find support at $465. There is a limited likelihood that the share price will trend upwards.
Broadcom is expected to announce approximately $7.6 billion in Q1 revenues. The share price has been trading at some of the highest levels. MACD analysis signals continuing downward momentum, with the stock likely to find support at $465.
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