After a particularly strong November, traders are eager to protect their profits as the year winds down. Bearing this in mind, we compiled a list of the 25 best stocks to own during December.
Focusing in on number three on the list, Broadcom Inc (NASDAQ:AVGO) is the only chip manufacturer in the top 20. Per Schaeffer’s Senior Quantitative Analyst Rocky White, AVGO finished the month of December higher eight times in the past 10 years, averaging a gain of 7.3%.
Broadcom stock resisted the broader-market trend with a 4.5% November loss. In fact, subscribers to Expiration Week Countdown tripled their money with our AVGO put recommendation last month. The stock already appears to be on the rebound, however, up 2.9% at $166.72 at last check today.
Broadcom stock’s 14-day relative strength index (RSI) of 21.9 sits in “oversold” territory, which is also indicative of a short-term bounce. Plus, long-term support at the 200-day moving average — which captured pullbacks in August and September — still lingers below. Year to date, the equity is up 50.1%.
