Broadcom Inc. (NASDAQ:AVGO) stock was up more than 1% in Thursday’s premarket session as investors returned to large-cap semiconductor stocks. Nasdaq futures gained 0.57%, while S&P 500 futures rose 0.15%, supporting risk appetite ahead of the opening bell.
While broader market sentiment supported semiconductor stocks, Broadcom also benefited from its recently announced multi-year partnership with Apple Inc. (NASDAQ:AAPL).
Technical Outlook Remains Constructive
Broadcom continues to trade above its 20-day simple moving average of $380.92, its 100-day SMA of $374.07 and its 200-day SMA of $361.86. That suggests the longer-term uptrend remains intact despite recent volatility.
However, the stock remains 2.7% below its 50-day SMA of $406.79. A move above that level could strengthen the intermediate-term trend.
