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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