Semiconductor stock Broadcom Inc (NASDAQ: AVGO) has retreated from its recent high, now trading at $346.70 with a 50% year-to-date gain. The 80-day moving average could provide support for more potential upside.

Schaeffer’s Analyst Rocky White notes AVGO is close to the 80-day moving average’s ATR, historically leading to gains. An 8.9% average increase is possible, potentially pushing the stock back towards its record high.

AVGO’s RSI of 23.9 suggests oversold conditions, hinting at a short-term rebound. The stock also tends to outperform volatility expectations, with a Schaeffer’s Volatility Scorecard rating of 83 out of 100.

Read more at Yahoo Finance: Broadcom Stock Could Bounce Back Toward Records