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Fan Yang

Marvell Technology (MRVL) Completing a Price Top

Marvell Technology Group $MRVL has been consolidating since late 2017 after a 2-year bull run. The daily chart  below shows how price has been consolidating mostly above the $19.70-$20 area. 

MRVL Daily Chart

(click to enlarge)

Bearish Breakout:
- On the daily chart, we can see that price has broken below the $19.70 support pivot.
- Also, this move comes on the back of a bearish slingshot - when price crosses under key moving average(s), rebounds, then treats the moving average(s) as resistance.
- Furthermore, the RSI has tagged 30, and since stayed under 60. This reflects the fact that there was some bearish momentum from earlier in 2018 that is still in play. 
- Finally, volume is strong on the breakout and suggests there will be some follow-through in September. 
- Looking at the weekly chart, I think we should limit the bearish outlook to the $16.65 area, a previously critical resistance that might turn into support. 

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