Marvell Technology Group Ltd Stock Code MRVL.NAS
Outlook
Price broke above the cloud on 26 May and during a brief pullback, was able to hold above the cloud, keeping the uptrend intact. The pullback was halted by the cloud upper edge, which is a sign of a strong support and trend. Conversion and Base lines had a bullish crossover, hinting of a bullish price trend. Lagging Span is above price of 26 days ago and above the cloud, confirming the bullish trend. MACD is bullish with both lines above the zero line. We think price is likely to move higher to the next resistance zone at $55.40 in the next 2-3 weeks.
Strategy
$48.50 Buy
$54.40 Price Target
$46.95 Risk Management Stop
3 weeks Trade Duration
