AVGO shares edge lower, holding above key moving averages: weekly forecast

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Broadcom slips 1.90% this week

Highlights

AVGO maintains a medium- and long-term bullish trend, trading above key moving averages despite a recent weekly decline.
Momentum indicators remain constructive with the majority signaling continued buying pressure, though some measures suggest near-term overbought conditions.
AVGO is expected to consolidate between $382.50 and $402.00 this week, with upside probability estimated at 75% based on technical signals.

Insider sales and strong Apple deal as revenue tops estimates this week

Two AVGO corporate insiders sold shares worth approximately $10.2 million on July 8, 2026, as disclosed in recent SEC filings. This activity followed Broadcom's announcement of a multi-year $30 billion chip supply agreement with Apple, which commits Broadcom to manufacture over 15 billion U.S.-made chips for Apple products. The company also reported quarterly revenues of $22.19 billion, surpassing consensus estimates, while continuing to focus on AI chip growth and restructuring its infrastructure software division, including VMware.

Momentum shifts as bullish signals outweigh minor pullback over the week

AVGO trades comfortably above its weekly MA-20, MA-50, and MA-200, solidifying a medium- and long-term bullish framework. On the W1 timeframe, the Ichimoku Kijun at $392.48 aligns closely with the current price and may act as a pivotal support or resistance. Momentum indicators remain constructive: the weekly MACD is on Strong Buy, the ADX reflects robust trend strength, and RSI sits in neutral-to-bullish territory. Stochastic RSI trends toward Strong Buy, and CCI holds steady without extreme readings, while Bull/Bear Power signals overbought conditions. The Awesome Oscillator presents a neutral stance, highlighting a short-term divergence between firm momentum signals and the recent minor pullback. Key support emerges near $383 with resistance at $402.

Sideways bias projected as bullish signals support breakout potential next week

Looking ahead over the next 5 trading days, AVGO is expected to consolidate within a range of $382.50 to $402.00, maintaining a sideways bias around $392. With 3 out of 4 key weekly signals (RSI, ADX, MACD) in buy or strong buy territory, there is roughly a 75% probability of price appreciation in the upcoming week. A bullish breakout above $402 may prompt a move to higher resistance, while a dip below $383 could trigger a test of deeper support at the MA-20.

Anton Kharitonov, analyst at Traders Union, notes that Broadcom ended the week with only a minor decline, holding well above its medium- and long-term moving averages. He believes the bullish framework remains technically intact, though insider selling and overbought signals inject caution into the outlook. The recent chip deal with Apple and revenue beat add a constructive fundamental layer, but technical momentum is showing early divergence after the pullback this week. Key support sits at $383 and resistance awaits near $402, with consolidation the likely scenario around $392. Kharitonov sees a decent chance of price appreciation if buyers defend support levels, though he remains wary of any downside break. "Base case — sideways or modest upside as long as $383 holds; if that fails, I’ll watch for a deeper retracement toward the MA-20."

Earlier, analysts noted that Broadcom’s partnership with Apple and robust technical setup supported a balanced outlook, highlighting both ongoing upside potential and elements of short-term uncertainty. The current set of strong momentum signals, combined with confirmation of AI revenue growth and recent insider activity, reinforces the bullish medium-term scenario, with a breakout above $402 primed to unlock further gains.

Source of Data: AVGO Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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