AVGO is set up for a higher high after consolidating for 6 month

AVGO touched its recent lows around the $160 level on 27 Nov 2024. Since then, the stock has trended up with a slight increase in volume. With 6 Dec 2024 strong bounce with volume, the stock closed at $179.53. AVGO is close to its recent all-time high level around $185. The MACD is trending upwards with the MACD line crossing upward to the signal line. RSI is also at 63.18, higher than when the stock price tested the previous high on 7 Nov 2024. Both MACD and RSI indicate a stronger momentum for the potential breakout.

Along with good sentiment on the semiconductor industry and AVGO earnings coming out next week. I believe the current level might be a good entrance to AVGO stock. The more cautious trade should wait till the breakout is confirmed by the price going over the $185 level and retest around the $185 level to enter for favorable odds.