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AVGO Shares Experience Decline in Value

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Broadcom Inc shares valued at $4,613,997 were sold by Kawwas Charlie B on Jun 17 ’24. At $1830.95 per share, Kawwas Charlie B sold 2,520 shares. The insider’s holdings dropped to 77,848 shares worth approximately $135.03 million following the completion of this transaction.

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Also, PAGE JUSTINE sold 312 shares, netting a total of over 561,600 in proceeds. Following the sale of shares at $1800.00 each, the insider now holds 3,002 shares.

Before that, Brazeal Mark David had sold 2,500 shares from its account. In a trade valued at $3,291,150, the Chief Legal & Corp Affairs Ofc traded Broadcom Inc shares for $1316.46 each. Upon closing the transaction, the insider’s holdings decreased to 2,500 shares, worth approximately $72.81 million.

As published in a research note from Citigroup on June 11, 2024, Broadcom Inc [AVGO] has been retained to a Buy and the price target has been revised to $1560. Analysts at Melius started covering the stock with ‘”a Buy”‘ outlook in a report released in early June. As of May 13, 2024, Jefferies has initiated its “Buy” rating for AVGO. Earlier on April 17, 2024, Barclays resumed its rating. Their recommendation was “an Overweight” for AVGO stock.

Analyzing AVGO Stock Performance

During the last five days, there has been a surge of approximately 15.98%. Over the course of the year, Broadcom Inc shares have jumped approximately 55.39%. Shares of the company reached a 52-week high of $1,851.62 on 06/18/24 and a 52-week low of $1,041.51 on 01/05/24. A 50-day SMA is recorded $1,385.88, while a 200-day SMA reached $1,149.70. Nevertheless, trading volume fell to 6.65 million shares from 8.68 million shares the previous day.

Support And Resistance Levels for Broadcom Inc (AVGO)

According to the 24-hour chart, there is a support level at 1,702.94, which, if violated, would cause prices to drop to 1,671.31. In the upper region, resistance lies at 1,785.47. The next price resistance is at 1,836.37. RSI (Relative Strength Index) is 71.57 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 261.56, which suggests the price will increase in the coming days. Percent R is at 21.32%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.

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