$Broadcom(AVGO)$ NOV20 330C, s

$Broadcom(AVGO)$ NOV20 330C, still actionable.

Zone: $319.43 to $323.93

Invalidation: close under $310

Objectives: $341, then $360

The math: up 6.0% to the first objective and 11.9% to the second, against 3.6% risk on the invalidation, better than 3 to 1 to the second.

This is a swing setup, and the picture is simple. Broadcom closed Friday at $321.68, holding near $320 for a second day after falling about a fifth since April, with its next earnings not due until December, after this contract expires. If that footing holds, the walk back toward $341, then $360, is open, and a close under $310 tells you the idea is wrong.

P.S. Analysts still rate Broadcom a strong buy, even after the fall.

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