AVGO support zone 355 hit

Support zone: close above is a hit. Close on the level is a push. Graded on the regular-session close.

A support zone is a price below the market where a large amount of options positioning sits. The idea is that this positioning can slow a move down there, so the test is simple: does the stock close above it? When it was posted at 10:39 ET, AVGO traded at 361.11, 1.7% above the support zone. On the same map, the next level above was 370 and the next level below was 350. See the original post.

Price traded through the support zone during the session (first 5-minute close on the wrong side at 1:45 PM ET), with a low of 354.19 and a high of 361.54. In the last hour price moved up 5.10, from 356.45 to 361.54.

The regular-session close was 355.18, 0.18 (0.05%) above the support zone at 355. Under the rule (support zone: close above is a hit), that is a hit.

AVGO finished the day up 1.6%, while SPY was down 0.2%. We found no single clear company-specific catalyst for the day in our notes.