MRVL BreakoutMRVL is completing its round up pattern within its handle formation in "Cup and Handle" pattern on daily chart. This is a potential breakout as it has tested this resistance 4+ times. I believe it will reach old time highs of $25.75 as it completes its handle in its round up pattern. At this level there could be more room for a bigger breakout to the $27-28 level.
MRVLD trade ideas
$MRVL Profits taken and we await next move in Marvell*****Update******* Our trade has worked out perfectly in MRVL, so we have taken profits and will wait for reentry once the SMH has found some stability. Despite the lovely gains in the last few weeks call buyers have been very active, loading up on calls with a $28 strike. We do find this as a compelling reason to stay long but discipline dictates that profits must be taken, remember "PIGS GET SLAUGHTERED" greed is the devil to traders.
$MRVL 5G adds huge potential growth. Marvell like its peers had a torrid 2018, that has now reversed and optimism has grown over the growth of its networking division and the opportunities that the 5G roll-out will provide to revenue. It is sound company with a good balance sheet and has a reasonable P/E ratio. Large call buying lately has also make this a even more interesting stock. $25 is our target price.
8 Years to breakout that areaFocusing on 06 Nov 2017 (Red arrow) the price open with a gap, not too big but in a key point and some weeks later the price imposes a big green weekly candlestick closing above the 21.00 area and even more recently the price make a pullback and it test in two occasions the new support (Red arrow)
Is more easily to understand watching the chart, that try to explain.
Generally I do not rationalize. But I can not publish in white!