Zeev's Turnips Patch-No Politics (ZEEV)

[ajtj99]

Larry, BRCM broke above a falling resistance line today at the close.

http://stockcharts.com/def/servlet/SC.web?c=brcm,uu[h,a]daclyyay[dc][pb20!b50!b200!c13!c20!c50!i!d20...

It will probably back test that line early tomorrow (maybe around 18.80?) before heading first to the Jan. $20.34 high and ultimately possibly testing the Dec. 21.25 high.

On the weekly chart you can see price is bracketed this week between the upper BB at 19.08 and the 50SMA at 16.43.

http://stockcharts.com/def/servlet/SC.web?c=BRCM,uu[h,a]waclyyay[dd][pb20!b50!b200!c13!c20!c50!i!d20...

Note the 50EMA on the weekly at $19.82. My guess is that is support come Friday's close.

On the monthly chart, the 13-EMA at $20.59 should be in play by the end of this month. I think BRCM closes just above it or just below it on April 30:

http://stockcharts.com/def/servlet/SC.web?c=BRCM,uu[h,a]maclyyay[d19980423,20030423][pb20!b50!b200!c...

Based upon that, the upside is possiby around 10%-12%, and I don't think you'll see downside until the COMP is above 1500 and then heads back down for good.

Anyway, just my 2-cents worth. I don't want to even think about a possible triple top at 21.25 (Dec) and 21.46 (August high), as that's tough because of the October lows in between.