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Broadcom Makes New All-Time High And Retreats

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Broadcom Ltd (NASDAQ: AVGO) shares are trading higher by $3.00 (1.5 percent) at $218.14 in Thursday's session. The company reported a Q1 EPS beat of $0.17 along with a revenue of beat of $5.9 million. It forecasts Q2 sales to come in above current estimates.

The solid beat instigated a much higher open that easily exceeded its former all-time high of $215.96. The rally off the open continued another $0.87 before peaking at $224.98 and sharply reversing course.

So far, the decline found support ahead of the top of Wednesday's range ($215.39), as the current lows stands at $217.14. Since making that low, the issue has rebounded back into the mid $218.00 handle.

Broadcom's stock is poised to post a new all-time closing high as long as the issue can can above Wednesday's close of $215.14.

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