We last reviewed Marvell Technology Group Ltd. (MRVL) back in May but now the stock is worth another look. Prices corrected in May and have rallied back to make a slight new high with a breakout on our Point and Figure chart.
Let's check out all the latest charts and indicators on this Action Alerts PLUS holding.
In the daily bar chart of MRVL, below, we can see that prices have broken above the April zenith. MRVL is above the rising 50-day moving average line as well as the bullish 200-day line.
The On-Balance-Volume (OBV) line is close to making a new high for the move up from September. A new high in the OBV line would confirm new highs in the stock price.
The Moving Average Convergence Divergence (MACD) oscillator just turned up to a fresh outright go long signal.
In the weekly bar chart of MRVL, below, we can see a bullish alignment of the indicators. Prices just made a new high for the move up. MRVL is above the rising 40-week moving average line.
The weekly OBV line is positive along with the bullish MACD oscillator.
In this long-term Point and Figure chart of MRVL, below, we can see the new high for the move up at $27. A nearby price target of $30.50 is indicated but $34 is a target from a weekly bar chart.
Bottom-line strategy: MRVL is breaking on the upside. Traders and investors could go long here risking a close below $23 with targets of $30 and then $34.