Marvell Stock (NASDAQ: MRVL): Will MRVL jump above $50?

Marvell Technology Inc.(MRVL), a leading chipmaker, data infrastructure, and semiconductor solutions provider, is under determined bullish influence according to its chart. MRVL stock price is hovering to sustain over multiple EMA (20, 50,100), which settles grips on it. Last week, MRVL reported (Q4 2022) earnings per the analyst’s estimates. The trading volume showed a massive increase in the last three sessions showing investors’ interest. Marvell stock price is hovering on its lower trendline and looking for an immediate bounce. The delivery volume shows that buyers are accumulating the price from the crucial support range at $40. Moreover, the chart replicates the inverted head and shoulders pattern, indicating that a rally could be seen if the stock sustains above $45.

MRVL share price was at $43.15 during yesterday’s market sessions with a gain of 5%, reflecting demand attained by buyers. However, this week, the stock price slipping below 20 EMA might be a concern for fresh buying. Despite price action indicating a pullback from these levels, a double bottom formation gave early signals to retest $50 for the near term.

Daily chart shows MRVL attaining momentum

On the daily chart, Marvell stock is fluttering within a bullish zone. MRVL stock slipped 11% in the last 7 trading sessions. Moreover, delivery volume showed an increment leading by buyers in the last 24 hrs. Bulls faced 200 days of EMA rejection in recent sessions. The primary support for the stock was at $40, which was tested and reacted with a bounce. If MRVL cannot hold above $45, strong support is at $35. On the other hand, if bulls succeed in breaking $45, then strong momentum will usher toward $50.

Technical Analysis of MRVL stock

Marvell stock on the 4 hours chart was revamped from the lower end of the Bollinger band while the bulls maintained a solid grip. In recent months, MRVL stock price remained in a narrow range between $35 – $45 and showed slight moves. The price action showcased a lower high sequence and formed a double bottom structure. The upper neckline near $45 is a strong hurdle to cross for bulls.

The RSI shows selling pressure on the top, which the bears have dominated for the past few weeks. Moreover, it dwelled below the neutral range implying that bears are continuing to force back while bulls are trying to hold gains. Moreover, MACD indicator still shows bearish cues and red bars on a histogram, while a crossover is yet to be registered in the next sessions.

Support Levels: $40 and $35

Resistance Levels: $50 and $58

Conclusion

Marvell Technology (MRVL) is looking to be revamped above $45 and sustain bullishness soon. The price action shows demand on the lower levels where bulls are unlikely to lose. Furthermore, the inverted head and shoulders pattern gives hope for a breakout on the upper side.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing