AVGO faces downside risk due to failed technical breakout; buy interest exists at $333.97 support.

Next up into AVGO. Now, AVGO yesterday with the lift up on Nvidia's charts, AVGO had some promising development on its charts as you see here with this green candle, we actually closed back within this longer range inclining parallel channel that's been containing price since back in December of 2024.

That was a great first step for it to get back in and close above, but it needed to see follow through with conviction buying pushing price comfortably within the parallel separating it from the bottom area of this parallel channel allowing this to be support, but we didn't get that today.

You can see we're likely going to close underneath this parallel channel. The value on that parallel today is at 371.07, and you can see how that it gets higher and higher as we extend on into the future.

Um with this being the case, closing back below that reset starts the clock. So, for AVGO to potentially get a breakout scenario, breaking out back into this parallel, we're going to have to then try to attempt to do that next week starting around 371.64, and then we'll need to see a similar thing happen uh with a follow-through day.

Instead of selling, a follow-through push to maintain that.

Otherwise, we're we're we are vulnerable for a pull down on AVGO, and you may say, "Well, where is that pull down going to come to?" You can just see this here. If you draw this uh Fibonacci sequence retracement tool, it took the pivot low to the most recent pivot high.

Look at this beautiful 786 fib retrace coming in contact right here with this gap fill at $333.97.

That's where I would be a buyer of AVGO. As a matter of fact, I was anticipating that occurring over the last couple days, but Invidia, at least for the near term, ruined my plans cuz I was looking to pick up some AVGO down here.

For what I go through in my show, Trading the Close, nearly every other day, breakdown, catch support to the retrace to that uh parallel uh that had just broken. We already did a retrace.

I'm still looking for a potential buying opportunity down here for AVGO in the very near future.