Broadcom (AVGO) Stock Price Rose by Approximately 25% in May

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According to available data:
→ AVGO's closing price on 30th April was $192.42
→ The closing price on 30th May was $241.59

The 25% increase in Broadcom (AVGO) stock price made it one of the leaders in the market. For comparison, the S&P 500 index (US SPX 500 mini on FXOpen) rose just over 6%.

Why is the AVGO stock price rising?

Among the bullish factors contributing to the growth of Broadcom (AVGO) stocks in May were:

→ Growing demand for AI infrastructure. This stimulates demand for Broadcom’s products—such as high-performance networking chips, which are critical for building and scaling data centres for AI.

→ Positive news related to the successful integration of the previously acquired company VMware into Broadcom's business.

→ Optimism ahead of Broadcom’s quarterly earnings report, scheduled for 5th June.

Technical Analysis of AVGO Stock Chart

Price movements in May formed an ascending channel (shown in blue).

From a bearish perspective: AVGO stock has risen to the psychological level of $250, which has acted as resistance since December 2024. Additionally, the strong rally in May may motivate some investors to sell previously purchased shares to lock in potential profits.

From a bullish perspective:
→ The price is in the upper half of the channel, which confirms strong demand.
→ A bullish gap highlighted a buyer-favoured imbalance around the $215 level.

Technically, it would be reasonable to expect a corrective move from the $250 resistance deeper into the ascending channel. However, considering the upcoming earnings report—which often triggers volatility—the bulls could attempt to break through the $250 level and set a new all-time high.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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