Marvell Technology Could Test Resistance
| Dec 02, 2021 08:46AM ET
If we look at the Marvell Technology Group (NASDAQ:MRVL) chart, we can see it was trading in a channel for the past week topping at $75 and basing at the $71.
On Dec. 1, it fell from $75 to $71 without any sign of a slowdown. So, the closest support level lies at $71, and the nearest overhead resistance is $72.
The company will release its third-quarter earnings results today. If earning expectations are surpassed, we could expect the price to move upwards, towards the $75 price range.
Today we could expect a move towards the resistance at $74 and beyond that, towards $75.
However, if it doesn’t manage to hold above the current price range, it could move below the $71 support level.
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