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Volume Spike Detected in Shares of Avago Technologies as They Move Higher on 1.5x Above-Average Volume (AVGO)

Published on Thu, 01/31/2013 - 14:15
By Peter Chu

Shares of Avago Technologies are trading up 1.9% to $35.70 today on above average volume. About 5.0 million shares have been traded today, as compared to the 30-day average volume of 3.2 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

Avago Technologies (NASDAQ:AVGO) has potential upside of 14.2% based on a current price of $35.70 and analysts' consensus price target of $40.78. The stock should discover initial support at its 200-day moving average (MA) of $34.10 and subsequent support at its 50-day MA of $33.41.

In the past 52 weeks, shares of Avago Technologies have traded between a low of $29.70 and a high of $39.22 and are now at $35.70, which is 20% above that low price. The 200-day and 50-day moving averages have moved 0.12% lower and 0.33% higher over the past week, respectively.

Avago Technologies Ltd. manufactures semiconductor products such as optoelectronics, radio-frequency and microwave components, and application-specific integrated circuits. The Company's products are used in mobile phones, consumer electronics, enterprise and telecom networking gear, optical mice, automotive electronics, and military and aerospace systems.

By Peter Chu
pchu@fnno.com

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