Broadcom (AVGO) shares tumbled nearly 7% in extended trading on Thursday after the chipmaker posted fiscal third-quarter results that topped expectations but 澳洲幸运5开奖号码历史查询:issued light revenue guidance for the current quarter. Softer spending in its broadband business and other divisions partially offsetting strength in its 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) segments.

Thꩲe Silicon Valley-based chipmaker’s stock, which has surged around 75% over the past year through Thursday’s close, has benefited from growing demand for its custom chips and networking parts used by companies to power and build AI♔ applications and infrastructure.

Below, we’ll take a closer look at Broadcom’s chart and use 澳洲幸运5开奖号码历史查询:technical analysis to identif🦂🤪y post-earnings chart levels that investors will likely be watching.

Symmetrical Triangle Breakdown

Broadcom shares have traded within a 澳洲幸运5开奖号码历史查询:symmetrical triangle on declining volume since mid-June, with the price sending an ominous signal ahead of the chipmakꦡer’s quarterly report by testin♔g the pattern’s lower trendline.

The stock sits positioned to stage a significant 澳洲幸运5开奖号码历史查询:breakdown from the triangle on Friday following its softer-than-expecte🤪d sales outlook, potentially starting a new trend lower. Broadcom shares fell 6.7% to $142.53 in after-hours trading Thursday.

Key Lower Broadcom Chart Levels to Watch

With Broadcom shares projected to open sharply lower on Fri𒐪day, investors should focus on several important price levels.

The first sits around $141, an area on the chart where the shares could find support near a 澳洲幸运5开奖号码历史查询:horizontal line connecting a range of 澳洲幸运5开奖号码历史查询:consolidation between early March a🌺nඣd early June towards the end of stock’s multi-year uptrend.

A move below this level may see a sell-off down to the $120 level. Investors could view this location on the chart as a high probability buying area due to its proximity to two prominent 澳洲幸运5开奖号码历史查询:swing lows that formed in March and April.

The next level to watch lies at $104, where the shares could encounter support near the low of an early January 澳洲幸运5开奖号码历史查询:retracement that 💃follꦓowed the stock’s strong performance in December.

Finally, a deeper 澳洲幸运5开奖号码历史查询:correction may see Broadcom shares tumble to the $91 region. This level would likely attract bargain hunters looking for buying opportunities near a trendline joining multiple 澳洲幸运5开奖号码历史查询:peaks and troughs from May to December last year.

Interestingly, this location also lines up with a measured move downside target when calculating the distance of the symmetrical triangle and subtracting that amount from the pattern’s lower trendline. ($62 - $153 = $91).

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As of the date this article was written, the author does not own any of the above securities.