NASDAQ:MRVL may be ready to breakout.

Our stockscreener has identified a possible breakout setup on MARVELL TECHNOLOGY INC (NASDAQ:MRVL). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NASDAQ:MRVL for potential opportunities.

Analyzing the Technical Aspects

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

We assign a technical rating of 10 out of 10 to MRVL. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, MRVL is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, MRVL did better than 78% of all other stocks. On top of that, MRVL also shows a nice and consistent pattern of rising prices.
• MRVL is one of the better performing stocks in the Semiconductors & Semiconductor Equipment industry, it outperforms 78% of 109 stocks in the same industry.
• 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.
• In the last month MRVL has a been trading in the 68.48 - 76.02 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

Looking at the Setup

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 9 out of 10:

MRVL has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 74.43. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 72.71, 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?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

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 technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

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.