$AVGO just broke out of a falling wedge on the daily — classic bullish continuation setup. Now it's retesting that breakout zone as support around $373.56. This is textbook: structure flips from resistance to support, and if it holds, the trend stays intact.
What confirms it? A bounce here with volume. What kills it? A clean break back below $373 on a daily close — that invalidates the wedge breakout and flips the structure bearish.
The flow is interesting: biggest open interest sits at the Jan '27 $500 calls. That's not a meme bet — it's a long-dated conviction play. It tells you where the smart money is positioning, but it doesn't mean it gets there in a straight line.
Projected path if structure holds:
$373.56 ➡️ $380 by 10/16
➡️ $400 by 10/23
➡️ $500 by 1/15/27
This is a directional read, not a buy signal. Risk is yours. If you're trading this, know your invalidation level and size accordingly.
What confirms it? A bounce here with volume. What kills it? A clean break back below $373 on a daily close — that invalidates the wedge breakout and flips the structure bearish.
The flow is interesting: biggest open interest sits at the Jan '27 $500 calls. That's not a meme bet — it's a long-dated conviction play. It tells you where the smart money is positioning, but it doesn't mean it gets there in a straight line.
Projected path if structure holds:
$373.56 ➡️ $380 by 10/16
➡️ $400 by 10/23
➡️ $500 by 1/15/27
This is a directional read, not a buy signal. Risk is yours. If you're trading this, know your invalidation level and size accordingly.