Chip maker Marvell Technology ( MRVL) is rallying Friday on the heels of an earnings per share and revenue beat and improved guidance. Let's check on the charts and indicators. 
In this daily bar chart of MRVL, below, we can see a small double bottom pattern this month. In our May 20 review, we were sitting on the fence on which direction shares would move. Now the signals are clear.
Prices have quickly rallied to the underside of the declining 50-day moving average line and could close above this indicator in the week ahead. The daily On-Balance-Volume (OBV) line shows some recent improvement and the Moving Average Convergence Divergence (MACD) oscillator is flashing a cover-shorts, buy signal.
In this weekly Japanese candlestick chart of MRVL, below, we can see a bullish hammer pattern in early May but it failed to generate bullish confirmation in the subsequent week. Confirmation is coming this week. The slope of the 40-week moving average line is negative and intersects up around $69. The weekly OBV line now shows a "glimmer" of improvement. The MACD oscillator is still bearish, but has begun to narrow.
In this daily Point and Figure chart of MRVL, below, we can see an upside price target in the $79 area.
In this weekly Point and Figure chart of MRVL, below, we can see a very bearish price target. It may take a trade at $77 to turn this chart bullish.
Bottom line strategy: Aggressive traders could go long MRVL in the next few days on a one or two day shallow dip. Risk to $53. Look for $79 on the upside but stay nimble.
