Broadcom Approaching Key Level

Broadcom (BRCM) has nearly recovered fully from its massive breakdown on July 24 -- the stock was crushed after management reported a second-quarter loss. In the immediate aftermath, the company was hit with a wave of downgrades, which added fuel to a 15% plunge. Selling pressure reached its heaviest level in two years and pushed BRCM to its lowest level since early 2010.

In the four months after the news-inspired breakdown, the stock built a solid base during a very choppy consolidation. In early December, the shares began to develop a more bullish look after taking out heavy trendline resistance that had bound the upper band of the basing pattern. By the start of February, the stock was putting in its fourth straight monthly high and was beginning to chew through a weakened 200-day moving average. As a new week begins, BRCM is about to fill the late July gap -- after rallying more than 30% from its post second-quarter earnings report low....144 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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