Signal: This Red-Hot Nvidia Competitor Has Room to Run

Core Insights - Broadcom Inc (AVGO) stock has experienced a decline of 2.2% to $338.18 after a series of five consecutive gains, following a record high of $356.34 achieved after strong fiscal third-quarter results [1] - The stock has shown a 46% year-to-date increase, indicating potential for further upward momentum as it approaches the fourth quarter [1] Price Action and Volatility - Despite the recent decline, AVGO shares are trading near all-time highs and above Friday's lows, with low implied volatility indicated by a Schaeffer's Volatility Index (SVI) of 36%, ranking in the low 2nd percentile of its annual range [2] - Historical data shows that similar low volatility signals have led to a 78% chance of AVGO being higher one month later, with an average gain of 3.8% [2] Technical Analysis - The 50-day moving average and the $280 level are positioned below the current stock price, providing potential support in case of consolidation [4] - AVGO has successfully broken above the $320 level, which may now serve as a support level [4]