AVGO and AMD

Both Broadcom (AVGO) and Advanced Micro Devices (AMD) came up as topics for yesterday's the Charted Line Webinar. We refresh these charts below.

Broadcom (AVGO): Bullish consolidation intact above 324-317

AVGO trades within a potential bullish flag pattern. Holding 324-317 (chart support and the rising 13-week moving average) would maintain confidence in this bullish setup. Clearing 356-363 is required to confirm the bullish consolidation for upside potential to 374-381 (prior high and a 61.8% extension) and then higher toward 416 (100% extension).

Chart 1: Broadcom (AVGO) (top) and relative to the S&P 500 (bottom)

Advanced Micro Devices (AMD): Big breakout/gap up targets 259 and 298

AMD broke out from a 2024-2025 big base that resembles the 2022-2023 base breakout. The push above 186.65 confirmed the 2024-2025 base with upside potential to 217 (61.8% extension), which AMD has achieved, 259 (100% extension), and 298 (pattern count). The overall pattern remains bullish for AMD as long as the 203 (upper end of gap) to 186 (breakout point) support zone remains intact. The 227.30-214.90 area offers a potential nearby tactical support.

Chart 2: Advanced Micro Devices (AMD) (top) and relative to the S&P 500 (bottom)