A couple of weeks ago, I was bearish on Broadcom $AVGO because price action showed respect to $256 as resistance. However, price eventually was able to break above $256 in a sharp bullish breakout.AVGO Daily Chart(click to enlarge)Key Support:- That key resistance at $256 is now going to be tested as a key support.- Looking at the daily chart, we can see that the cluster of 200-, 100- and 50-day simple moving averages (SMAs) are in the 252-257 area.- This area also involves where the broken resistance trendline is projected. - This is also simply a support/resistance pivot area .- If price bounces up from this area, let's say from $255, then we can add confidence to the bullish outlook back up to $284. Sideways-Bearish Outlook:- Otherwise, if price falls below $252 a share, we should simply assess AVGO as sideways in the medium-term, but perhaps bearish in the short-term. - Even in the "sideways" medium-term outlook, there is risk of falling back towards $228 area, a common support area since May 2017.