OptionsPlay DailyPlay

The bullish DailyPlay we chose for Thursday Feb 23rd is Broadcom (AVGO). AVGO is part of the Technology Sector (XLK). Over the last month, XLK has experienced a 5.27% move higher and its 1m and 6m trend has bullish on 1/3 while recently breaking above its $52 resistance level.

Broadcom’s 1m and 6m trends turned bullish on 1/16 and recently broke above its $120 resistance level on high volume. With a technical score of 8 (out of 10), AVGO is a strong bullish stock that looks to continue higher.

View this Trade Idea on AVGO

As a stop loss, if AVGO was to trade below $120 for multiple days, this would invalidate our analysis and suggest getting out of the trade.