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Broadcom share price closed trading on Friday up by 3.75 percent on the daily chart, ending a two-session losing streak and signaling a potential reversal. Broadcom (NASDAQ: AVGO) experienced significant declines in the previous five sessions, accumulating 1.3 percent in losses. Nonetheless, it still has an underlying bullish momentum, with its gains in the last month standing at 7.4 percent as of this writing. The tech company's primary markets include data centers, semiconductors, and Artificial Intelligence. Its 10-to-1 stock split announced in June has made the share price more affordable, and its acquisition of VMware in November 2023 gives it a stronger muscle to broaden its markets. Broadcom will announce its earnings report for the fiscal third quarter ending July 2024 on Thursday. The company currently stands second in the AI chips market after Nvidia, and is the market leader in Application-Specific Integrated Circuits (ASICs). Nvidia (NASDAQ: NVDA) beat earnings forecasts for the seventh successive quarter as per earnings report released on August 28. After initially declining in the two sessions following the earnings release, Nvidia stock price climbed back up on Friday, closing at +1.5 percent. Much as Nvidia's margins declined, its forecast-beatings earnings signal a healthy demand for AI chips. Therefore, this is likely to have a ripple effect on Broadcom share price this week. As seen by the market behaviour on Friday, AVGO price already had a breakout to the upside, and the buying momentum will likely strengthen heading into the earnings release. Nvidia's earnings strengthen the outlook for Broadcom could potetially trigger a risk-on sentiment around Broadcom shares. Analysts expect the company to report $13.04 billlion in earnings, up from $8.83 billion in a similar quarter last year, and EPS of $1.08. Broadcom share price forecast Momentum indicators The momentum indicators on the 2-hour chart show that the buyers have recently taken control of AVGO trajectory. This is supported by the price movement above the Volume Weighted Moving Average (VWMA) at $159.65, and the RSI reading of 56, which adds support to the upside view. Support and resistance levels On the chart below, the price trajectory looks likely to head up if the action stays above the 160.00 pivot. With the buyers in control, the first resistance could come at 165.00. However, if they extend their control, they could clear that barrier and head higher to test 170.00. On the other hand, moving below 160.00 will signal control by the sellers, and the first support could come at 156.10. However, further control by the sellers at that point could enable them to breach that mark and therefore invalidate the upside narrative. In addition, it could also result in more declines to test 154.20.