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Based on good technical signals, MARVELL TECHNOLOGY INC is potentially setting up for a breakout.

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.

MRVL Daily chart on 2024-05-16

What is the technical picture of NASDAQ:MRVL telling us.

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.

  • The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
  • Looking at the yearly performance, MRVL did better than 87% of all other stocks. On top of that, MRVL also shows a nice and consistent pattern of rising prices.
  • MRVL is part of the Semiconductors & Semiconductor Equipment industry. There are 107 other stocks in this industry. MRVL outperforms 74% of them.
  • In the last month MRVL has a been trading in the 61.72 - 70.53 range, which is quite wide. It is currently trading near the high of this range.
  • MRVL is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so MRVL is lagging the market.

Our latest full technical report of MRVL contains the most current technical analsysis.

How does the Setup look for NASDAQ:MRVL

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.

How to trade NASDAQ:MRVL?

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.



NASDAQ:MRVL (5/29/2024, 7:18:44 PM)

Premarket: 75.6 -0.18 (-0.24%)


-2.55 (-3.26%)


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