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Broadcom Chart Gives Serious Bullish Signal

BRCM broke from an extended symmetrical triangle on high volume


Broadcom (NASDAQ:BRCM) — This provider of semiconductor solutions for wired and wireless communications makes components for a number of high-profile consumer devices, including “systems-on-a-chip.”

Analysts expect earnings for 2013 to be $2.96 per share. Credit Suisse estimates earnings of $3.10 for 2014, and has a price target of $45.

In April, Broadcom broke higher from an extended symmetrical triangle — a very bullish sign, especially when accompanied by high volume and a MACD buy signal. The trading target from BRCM is $43, but long-term investors could achieve a much higher return.

BRCM Chart
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