AVGO re-entered bearish consolidation; a higher close tomorrow improves odds of testing resistance just above $400.

So, this recovery on Nvidia has really brought some light back into AVGO. Now, I understand, guys, there can be several ways to draw these parallel channels. However, in this parallel channel with AVGO, notice how precise the top end of this rail is up on the up on the very top. We see price action getting rejected cleanly four times. Now, on the bottom, we have one clean bounce, one little dip, and then we have the secondary dip here, but price action today, as you see, is closing back within that parallel channel. Now, this isn't the best of news for AVGO because we just found ourselves back into this bearish consolidation range, but the good news is one close back in and they'll be easy to put in another higher close tomorrow as this price action just barely trickled into the parallel and a close higher tomorrow will help AVGO's probabilities in remaining back within that parallel and then go into test the next key level, which is going to be trend line to trend line, and that level will be right up here just above $400 depending upon how long it could take for AVGO to get up to this range, but very good near-term push there on the chart of AVGO.