By Mill Chart
Last update: May 16, 2024
Our stock screener has spotted MARVELL TECHNOLOGY INC (NASDAQ:MRVL) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NASDAQ:MRVL.
Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.
We assign a technical rating of 8 out of 10 to MRVL. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.
Our latest full technical report of MRVL contains the most current technical analsysis.
ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:MRVL scores a 8 out of 10:
MRVL has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 70.16. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 69.62, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for MRVL in the last couple of days, which is a good sign.
A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.
MARVELL TECHNOLOGY INC
NASDAQ:MRVL (5/29/2024, 7:18:44 PM)
Premarket: 75.6 -0.18 (-0.24%)75.78
-2.55 (-3.26%)
Uncover three overlooked semiconductor stocks. Invest in the stocks with strong growth potential in the semiconductor industry.
With Nvidia stock trading near its all-time high, investors are wondering if it has enough oxygen to continue its ascent.
Although front-facing innovations hog up the spotlight, investors should consider these “background” semiconductor stocks to buy.
Finding quantum computing stocks to buy provides the opportunity to capitalize on a growing technology that is changing how computers work.
Will MARVELL TECHNOLOGY INC Break Out? A Technical Analysis Perspective.