Chart of the Day: This Stocks Looks Quite Interesting

We might see a much larger move down the road.

Author:
The Portfolio Team
Publish date:
Mar 30, 2023 12:29 PM EDT

It's Important to Understand That Not All Chip Companies Are Alike — Shutterstock

Price is certainly the king of all technical indicators, but others also prove to be rather important. Take the chart of Marvell Technology (MRVL) , below, which shows very strong, bullish breakouts on three indicators - Moving Average Convergence Divergence (MACD), Money Flow, and Traders Dynamic Index (TDI).

Yet, we do not see the price chart confirming a breakout, but there are higher lows on the chart (the uptrend line). Further, the parabolic SAR shows a bullish condition as well.

All in all, this seems to be setting up for a much larger move down the road. The 200 MA is resistance at $44+ and may be the reason this stock is not taking off to the upside. Once through that resistance, first stop is $50. No matter, when the momentum is strong and price action starts to move, this name will carry forward.

Recently we added more Marvell to the Action Alerts PLUS portfolio on a dip to around $41. We rate Marvell a Two, which is add on dips and stockpile.

https://share.trendspider.com/chart/MRVL/4669v2otlr