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Technology Stocks : Broadcom (BRCM)
BRCM 54.670.0%Feb 9 4:00 PM EST
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To: puborectalis who wrote (2834)10/6/1999 1:52:00 PM
From: DJBEINO  Read Replies (1) of 6531
 
Broadcom Corporation Building Technical Strength

Stock of the Hour Oct 6 1999 10:30AM CST
by Theo Spradlin

Broadcom Corporation (BRCM) has enjoyed a stellar performance since its IPO in April of '98. The stock closed for trading its first day on the open market at a split adjusted $26 13/16 and today, about one and a half years later, it is trading around $125 for a return of more than 350 percent. At its current price, BRCM is about 15 percent off its all-time high of $149 1/2 and mounting a strong recovery from its recent pull-back. The stock shows significant technical strength today - it has managed to pull the 100-day moving average line above the 50-day moving average line with its recent gains. A short term technical indication of strength for BRCM is also occurring today as the 10-day moving average line is converging with and looks to break above the 21-day moving average line.



BRCM showed a positive opening gap this morning and has moved into its fourth consecutive positive day for a one week gain of 13 percent. The stock still shows relatively light volume which is a bearish indication countering the strong technical stance of the stock. However, BRCM has moved into a new level of support above $120 this morning, and a close above this mark followed by a consolidation using $120 as a base will break the stock's current down trend and set up a point from which to rally a break above next resistance at $130.

wallstreetcity.com
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