AVGO support zone 370 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 10:29 ET, AVGO traded at 376.46, 1.7% above the support zone. On the same map, the next level above was 380 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 9:30 AM ET), with a low of 361.54 and a high of 380.80. In the last hour price moved down 16.73, from 378.27 to 361.54.

The regular-session close was 375.92, 5.92 (1.60%) above the support zone at 370. Under the rule (support zone: close above is a hit), that is a hit.

Broadcom rose in sympathy with Marvell, whose Investor Day raised long-term revenue forecasts and argued hyperscalers increasingly favor custom AI chips. AVGO finished the day up 3.7%, while SPY was up 0.5%.

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