Chart of the Day: This Tech Position Just Continues to Flex Its Muscles
The great relative strength of this name lifts the stock near all-time highs.
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There is nothing better than a strong chart that defies the rest of the group and continues onward. It is a sign of strong institutional participation, buying the stock on dips and moving towards much higher levels, making those who sold earlier pay a dear price.
TheStreet Pro Portfolio Marvell Technology MRVL had an amazing month of October, after some sideways consolidation. That is what you look for in the strongest charts, a rest period for the big institutional buyers to step in and add stock when others are not watching. emember, the public pays more attention when stocks are rising, not when they move sideways (big money is accumulating).
We don't see anything bearish on the chart/technicals of Marvell. Does that make us nervous? Not really. The fundamentals are strong as we have outlined in the past on several occasions.
The momentum is strong with Moving Average Convergence Divergence (MACD) on a buy signal and check out the money flow at the bottom, solid as a rock. We could see $100 on this stock before too long.
We like Marvell here and rate it a One in TheStreet Pro Portfolio.
More Pro Portfolio:
- Closing Out Our Market Hedge Position, Buying More of Another Holding
- Monthly Roundup: Portfolio Sees Green in October Amid a Red Month for the Market
- AI Generates News: A Look at the Headlines That Speak to Our Stocks
At the time of publication, TheStreet Pro Portfolio was long MRVL.
