Marvell Technology Group Ltd Stock Code MRVL.NAS
Price reached a high of $55.70 on 20 January 2021 and has been on a decline since that high. Price reached a low of $49.58 and has since turned around. Last Friday, price broke above a downtrend line, hinting that the correction could be over and a rally for the upper edge of the uptrend channel is about to resume. Conversion line and Base line are about to have a bullish crossover, hinting of the bullish trend. Lagging Span is above price of 26 days ago and above the cloud, confirming the bullish trend. MACD is bullish and we could have a bullish crossover soon. We think the correction is over and price likely to move higher to $58.30, which is the Ichimoku V-shaped price projection target, in the next 2-3 weeks.
$58.30 Price Target
$50.60 Risk Management Stop
3 weeks Trade Duration