Marvell Technology (MRVL) reported its latest quarterly numbers Thursday evening and is lower in early Friday trading. So let's check on the charts.
Our last MRVL update was on July 29 where we recommended: "Stay long MRVL, but raise stop protection to $53 from $52. $64 and $71 are our new price targets."
In the daily bar chart of MRVL, below, we can see that the shares reached our $64 price target. Maybe some Real Money readers took some profits on MRVL. The shares were trading higher ahead of earnings. MRVL is above the rising 50-day moving average line and above the rising 200-day line.
The On-Balance-Volume (OBV) line has been in an uptrend from late April and that helps to confirm the price gains. The Moving Average Convergence Divergence (MACD) oscillator is crossing to the upside for a fresh buy signal.