We reviewed the charts and indicators of Marvell Technologies (MRVL) on May 20 and wrote that "If you got stopped out of MRVL you should rebuy it here. If you have no position you could go long here risking to $40. The $54 area and then the $83 area are our price targets."
In this daily bar chart of MRVL, below, we can see that prices broke above the April highs to restart an uptrend. The slope of the 50-day moving average line has turned positive. The slower-to-react 200-day average line remains positive. The daily On-Balance-Volume (OBV) line has remained steady the past three months. The Moving Average Convergence Divergence (MACD) oscillator just crossed above the zero-line for an outright buy signal.
In this weekly Japanese candlestick chart of MRVL, below, we can see that prices are trading above the 40-week moving average line. There are some lower shadows around $40 telling us that traders are rejecting those levels.
The weekly OBV line looks like it is turning higher and the MACD oscillator is close to a bullish crossover.
In this daily Point and Figure chart of MRVL, below, we can see the recent strength in the stock and a $64 price target.
Bottom line strategy: MRVL is moving in the right direction. Aggressive traders could add to longs. Raise stop protection to $45 from $40. After $54 the $64 area and then the $83 area are our price targets.
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