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we have the 2eer AV VG so as we can see this uh fairly substantial selloff continues here we are seeing some some pretty massive downside in many stocks uh I just finished a video on meta platforms I do suggest that people take a look at that stock in that video because um I'm starting to think that that stock is really kind of work work as the bell weather the canary and the coal mine as far as uh kind of signaling this um you know broader broader decline that could be seen throughout the rest of this summer at least within the technology space uh but probably within the broader Market as well um so you know I would recommend people watch that video um because that stock is just completely collapsing uh and it just it makes it hard for me to believe that uh some of these other stocks are not going to start to follow in that direction So currently we can see that there are some declines here uh in broadcom uh we have sort of uh broken this shorter term uh uptrend here that was starting to develop uh this is a bit of a false breakout as you can see here because um you know we did have a a bit of a break of resistance here uh this resistance Zone which came in just roughly just about 16290 uh we can see that we did ultimately reach price highs here uh above 165 so you know we did see a fairly decisive uh move higher here and even a close above some of these exponential moving averages um and then price is just quickly reversed to the downside uh in my view a lot of this has to do with broader selling pressure I mean I I don't think that this is uh broadcom in particular I do think that uh you know we're going to start to see some some waves of selling pressure start to develop here uh definitely within the tech Bas but probably within you know most stocks throughout the market so uh currently you know this 165 level really is uh the major level to watch to the top side uh this does come in slightly above there uh we can see highs of 16520 oh actually we have a we have a bit of a prior High here uh so July 23 the high would have been uh 16532 um you know and as we can see here we have two we have two uh periodic closes here uh above this this 50 period exponential moving average that would be this orange line here um so you know these are these are some fairly encouraging moves here and there was starting to be an upward trend line that that was developing uh but it does look like the broader selling pressure without throughout the market uh is is sending share prices lower here um and as you can see um I should I should probably Zoom back in here because um you know as we can see we have now broken through all of these exponential moving averages now we broke above them all and now we're breaking back below them all so uh you know there's a there's some volatile two-way action that's going on here and uh people that are investing in these stocks really do need to be cautious uh with in the in these environments uh you know that's not to say that there will not be some buying opportunities here I mean when you see major sell-offs like this those do create the best buying opportunities you know prices are are lower than they were I mean it's it's fairly obvious Buy Low and sell High um but we do need to kind of identify uh you know evidence that there's a that there's an upside reversal taking place um and currently at least on this chart I I do not quite see us being there just yet uh as you can see in the prior video what I was pointing to as a downside Target uh would have been this uh price level just above the 150 Mark um as we can see here I have outlined the 618 retracement 61.8% retracement of this dominant trending move um that would be this I can just draw this out here quickly so we can see uh this uptrend here uh as the dominant uh most influential uh price movement that's currently influencing prices uh we can see here that we have already fallen through most of the exponential moving averages uh oh sorry sorry we we well we've broken through all of the exponential moving averages um and we've we've fallen through most of the Fibonacci retracement zones uh currently we do have two left one the next one would be this 618 retracement this 61.8% Fibonacci retracement uh which comes in just just above 151 so 1515 um and I do find this level to be interesting because you know if we look at some prior price action here uh we can see that the stock had a very substantial price Gap uh that developed this would have been the middle of June roughly June 13 uh so we can see here that you know there's a major price Gap here that did need to be filled you know and that that is another Factor here that really is influencing prices uh you know we are we we have fallen back into that price Gap and then when that occurs uh more often than not you see you see this entire price Gap filled so uh you know we will not have filled this price Gap until we reach into uh this this price level just above 151 uh because as you can see here this is where this price Gap starts so you know you've got you've got a you've got a Fibonacci retracement Zone here you've got the bottom of a price Gap and then in addition to that you've also got this psychological level at 150 uh that could start to work as support so it it's going to be very important here to Watch What Happens because there's so much selling pressure currently you know we absolutely could break through this level at at 150 um but it would be a very significant move uh if it were to happen because there are so many uh there are so many you know technical pieces of evidence here uh that suggests that support should develop in that zone so if that does not happen uh that just makes that makes the break you know the downside break much more significant uh and and and more likely to encounter follow through uh so this will be a very critical level to watch here going forward and I will continue uh F following these these price developments uh in this region there will probably be a video here relatively soon because you know as we're as we're recording this uh you know we're trading at 15240 so you know we don't have much distance here uh between you know the current the current price level you know and this kind of ultimate you know major support level to the downside uh which should be containing prices um overall though it just it's it's it's looking very heavy here because you know we were not able to find support at this 200 200 period exponential moving average in the way that we did last time you know we can see that this is where prices kind of bounced last time would be this blue line here uh but now we're we're currently falling through that line uh so this is not a positive signal it's definitely a negative signal uh and we're trading below all of these moving averages so um you know there there is no moving average support here near term um you know one positive thing that I can point to uh would be this reading in the relative strength index which does show a fairly broad uh upward Trend in underlying momentum that's this purple line down here and we can see that there's a there's a positive trend line supporting uh supporting the stock going all the way back to uh this this would be the second half of April roughly the middle of April so uh you know there is there is some underlying you know bullish bullish momentum here that has been supporting prices um you know but if we continue to see moves lower then this this shorter term uh the shorter-term downside Trend Trend in share price momentum could could start to overtake uh the stock as a whole so here's the current market outlook for prodcom Incorporated stock ticker AVG
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