Chart of the Day: Marvell Continues to Correct
The stock remains challenged and below key moving averages.
You've reached your free article limit
You've read 0 of 1 free Pro articles.
Marvell Technology MRVL is one of our favorite chip names in TheStreet Pro portfolio. The company captures everything from automotive to data center to generative AI. But the problem with Marvell is it moves with other big chip names, for better or worse.
Recently a blowout in the semiconductor group pulled Marvell and other chip names under the water with it. The stock is trying to regain footing but we continue to be in a volatile and challenging market environment.
Recent bullish action in the chart (a few days last week) has us encouraged that Marvell can start moving higher. The trend, though, remains bearish and while we can keep the optimism alive there is no doubt the stock chart is bearish.
Candles are purple/pink in the GoNoGo indicator, which tells a bearish story, the parabolic SAR (stop and reverse) is also bearish, and Marvell is below several key moving averages like the 50-day and 200-day.
On the plus side momentum is starting to improve with the stochastics turning up, and maybe a couple more up days will give us a bullish crossover in the Movig Average Convergence Divergence (MACD) indicator.
We rate Marvell a One in TheStreet Pro portfolio. This recent selloff could be a great opportunity to add shares.
More Pro Portfolio:
- We're Initiating a New Position in This Oversold Bullpen Stock
- Weekly Portfolio Roundup: Opportunity Was the Name of the Game
- We've Got the Scoop on Our Stocks
At the time of publication, TheStreet Pro Portfolio was long MRVL.
