Broadcom (AVGO) shares may remain on watchlists after falling 7% to a one-month low Thursday amid a broader 澳洲幸运5官方开奖结果体彩网:chip stock selloff as investors digested 澳洲幸运5官方开奖结果体彩网:earnings from Nvidia (NVDA) and President Trump's 澳洲幸运5官方开奖结果体彩网:latest announcement on tariffs.

The market's response to Nvidia’s results suggests that while the AI favorite's earnings came in ahead of Street expectations, investors may have been looking for more, given mounting concerns over 澳洲幸运5官方开奖结果体彩网:AI spending and uᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚncertainty about the potential impact of the Trump administration’s policies relating to tariffs and AI chip export curbs.

Broadcom shares have lost about 15% of their value since the start of the year through Thursday’s close, but have gained more than 50% over the past 12 months as demand for its chips to support AI surged, with Bernstein analysts suggesting in December that the 𝓰澳洲幸运5官方开奖结果体彩网:chipmaker could be having its “Nvidia moment.”

Below, we take a closer look at Broadcom’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to point out key price level𝓀s worth watching out for.

Descending Channel Takes Shape

Since setting a new 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) in mid-December, Broadcom shares have consolidated within a 澳洲幸运5官方开奖结果体彩网:descending channel. More recently, selling from the pattern’s top trendline has accelerated, with the price falling below the respected 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA) on increasing 澳洲幸运5官方开奖结果体彩网:trading volume.

While the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bearish momentum with a reading below 40, the indicator♔ sits at a level that often coincides with local bottoms in the stock.

Below, we identify three 澳洲幸运5官方开奖结果体彩网:support levels that could b꧟e worth watching if the shares continue to fall and key overhead areas to monitor if the stock resumes its longer-term move higher.

Major Support Levels to Watch

The first lower level in play sits around $185. This area, currently positioned just below the descending channel, could find support near the top trendline of a prior 澳洲幸运5官方开奖结果体彩网:ascending triangle on the chart and the nearby 澳洲幸运5官方开奖结果体彩网:200-day MA.

A decisive close below this price could see the shares decline to the $160 level, a location that may provide a floor near several troughs that formed on the chart in June🍷 and November last year.

Further selling could bring lower support around $140 into play. Such a drop may attract investors looking for buying opportunities near a 澳洲幸运5官方开奖结果体彩网:horizontal line that connects a range of similar price points on the chart fr♕om March through to September.

Key Overhead Areas to Monitor

If Broadcom shares resume their longer-term uptrend, investors should watch how the price responds to the descending channel’s top trendline. The upper area of the pattern currently sits at about $230 near the 50-day MA, but will movౠe lower over time.

Finally, investors could forecast a more speculative upside target by using the bars pattern tool. This technique works by taking Broadcom’s trending move higher from late November to mid-December and repositioning it from the descending channel’s lower trendline, which projects a target of around $295. This analysis assumes that a 澳洲幸运5官方开奖结果体彩网:continuation move may play out in the stock.

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