In our October 6 review of Marvell Technology ( MRVL) we recommended that traders "Continue to hold longs from prior recommendations. Consider adding to longs above $65. $83 is our new price target. Keep sell stops at $56 for now."
MRVL gapped higher Friday to reach and exceed our $83 price target. Now let's check on the charts and indicators. 
In this daily bar chart of MRVL, below, we can see that prices have gapped higher on strong breakout volume. The rising 200-day moving average line intersects around $57 so prices are not really extended (overbought) in that they haven't reached a level of twice the level of the 200-day line.
The daily On-Balance-Volume (OBV) line has made a new high for the move up to confirm the price gains. The Moving Average Convergence Divergence (MACD) oscillator is quickly turning upwards again.
In this weekly Japanese candlestick chart of MRVL, below, we don't have this week's candle pattern plotted but the chart was positive-looking going into today.
In this daily Point and Figure chart of MRVL, below, we can see a new upside price target in the $125 area.
In this weekly Point and Figure chart of MRVL, below, we can see that the software is projecting a target in the $150 area.
Bottom line strategy: I have no problem with traders who might be taking profits today on the gap higher as MRVL reached our $83 price target. Hold remaining longs but raise stops to $69 from $56. The $125 area and then $150 are our new price targets.
(Marvell Technology is a holding in the Action Alerts PLUS member club. Want to be alerted before AAP buys or sells MRVL? Learn more now.)
