Marvell Technology ( MRVL) is expected to report their latest quarterly numbers on Thursday after the close of trading. I was not impressed with the charts of MRVL back on March 2, but things have improved.
In this daily bar chart of MRVL, below, I can see that prices are trading above the bottoming 50-day moving average line and above the 200-day moving average line. The On-Balance-Volume (OBV) line made lows in January and April and its latest rise is encouraging. The Moving Average Convergence Divergence (MACD) oscillator turned bullish with its recent move above the zero line.
In this weekly Japanese candlestick chart of MRVL, below, I see an improving picture. Lower shadows on some of the candles in March and April tell me that traders are rejecting the lows. Prices are trading above the 40-week moving average line that is still in a decline.
The weekly OBV line shows improvement from February and tells me that buyers are being more aggressive than sellers. The MACD oscillator is just slightly below the zero line.
In this daily Point and Figure chart of MRVL, below, I can see that the software is projecting an upside price target in the $64 area.
In this weekly Point and Figure chart of MRVL, below, there's also a price target in the $59 area.
Bottom line strategy: I have no special knowledge of what MRVL will tell shareholders on Thursday, but the charts and indicators look like they can support further gains in the days and weeks ahead. Buyers should risk to $41.
A lot of downtrodden smaller stocks have rallied, but one day does not a trend make.
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