Broadcom (AVGO) surged higher in recent intraday trading, successfully breaking above its 50-day Simple Moving Average (SMA) and eliminating a key source of downside pressure. This breakout paves the way for an extension of the current rally in the near term. The stock remains within a short-term uptrend, with price action continuing to move alongside an ascending trendline that reinforces the prevailing bullish bias. Meanwhile, momentum indicators continue to generate fresh bullish signals, further strengthening the positive technical outlook.

Therefore, our outlook remains bullish for the stock's upcoming trading sessions, as long as support at $374.60 remains intact. Under this scenario, the stock is expected to target the key resistance level at $466.00.

Today's price forecast: Bullish.