AVGO, ORCL and MU Forecast – Tech Stocks Looking Slightly Bullish

AVGO Technical Analysis

Broadcom looks like it’s going to open a little bit positive during the trading session here on Wednesday, as the market is trying to bounce from a significant support level in the form of $325 or so.

This is a market that has sold off quite drastically after the earnings call, which was positive, but there was mention of a potential AI bubble. Clearly, there is an AI bubble, but Wall Street is not ready to give up on that. We had seen quite a few signs of selling in a lot of these tech names, but it looks like Broadcom’s getting ready to try to turn things back around in holiday trading. Keep in mind it’s going to be closed on Thursday for Christmas, and the stock markets, of course, will be pretty thin on the few days that we are open between now and New Year’s Day. However, this is a bullish market.

ORCL Technical Analysis

Oracle looks like it’s going to be hanging out right around the same price it was at previously. Remember, Oracle really got people freaked out about their comments about the AI infrastructure and the profitability of artificial intelligence. We’re in the early days of the AI revolution, and that would be expected. I think the longer-term traders are coming in and picking up value in a lot of the names, and Oracle very much could be one of those as part of the infrastructure of networks.

With that being said, it does look like we are getting ready to get a death cross, the 50-day EMA crossing below the 200-day EMA, but quite often that’s a late signal. I’m watching this market very closely. If we can recapture the $200 level, we could try to fill the gap going back to the $222 level.

MU Technical Analysis

Micron looks like it’s going to rally a bit to kick off the session, and why not? It’s one of your more bullish stocks in the market at the moment, and it does look like we are getting ready to challenge the $280 level.

The ex-dividend date is Monday, so keep that in mind as well. Some people will be looking to get their hands on the almost 12-cent dividend, although it’s pretty small for the size of the company, it does help. Short-term pullbacks should end up being buying opportunities all the way down to the 50-day EMA, which currently sits at the $227.27 level. This is a very strong market. Shorting is all but impossible, although getting a pullback heading into the Christmas holiday wouldn’t be the biggest surprise and ultimately probably ends up being a nice buying opportunity.

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