AVGO, ORCL and MU Forecast – Stocks Look to Continue Upward Momentum

Broadcom (AVGO) Technical Analysis

Broadcom looks like it will rally a little bit at the open on Friday in what will be a shortened holiday trading session, or pseudo holiday trading session, I should say, as the day after Christmas, although technically not a holiday in the United States, most traders just simply don’t come to work.

Nonetheless, this is a market that’s still in the process of bouncing from the crucial $320 level, so I do think it continues to see buyers overall, and I do like the idea of buying short-term dips.

The 50-day EMA is at the $357.29 level. If we can break that, then it’s likely we will go looking to fill the previous gap at $400. I have no interest in shorting.

Oracle (ORCL) Technical Analysis

Oracle looks very much like a market that wants to slowly grind to the upside again. But we’ve got a lot of noise here, and recently, after Oracle suggested that the AI bubble was coming undone, they, of course, got punished.

As things stand right now, the $178 level looks to be rather supported, and if we can stay above there, then I think we probably continue all things being equal. This is a market that I think is in the process of trying to find some type of basing pattern, but we’ll just have to see whether or not it can actually hold. The market for Oracle has taken a pretty significant beating, but we are in an area that historically has seen a lot of action.

Micron (MU) Technical Analysis

Micron looks like it’s going to continue its massive jump higher, and for what it’s worth, the ex-dividend date is Monday, so although it’s not a huge dividend, it is yet another factor in this breakout stock that has seen a massive amount of volume.

Based on the previous consolidation, most traders will be looking for $320 or so as the target. Whether or not that plays out anytime soon, who knows, but that’s the extension of the consolidation pattern.

Longer term, I don’t see any reason to short this market. In fact, I think the US stock market is going to do fairly well most of the beginning of next year. I think the rumors of the economy collapsing and taking the stock market down with it are just that, they’re rumors. We hear those every couple of months, and the stock market just continues to go higher.

I think that’s more of what we’ll see. The US economy is stronger than most people had thought, and if the Federal Reserve cuts rates on top of that, it just turbocharges anything that’s an asset. Micron looks healthy, Micron seems healthy, and the volume is pretty strong.

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