Marvell Technology Price Levels to Watch as Stock Soars After Strong Earnings | Global News Avenue

Marvell Technologies (MRVL) In premarket trading Wednesday, the chipmaker reported strong quarterly results and an upbeat outlook on strong demand for its custom artificial intelligence chips.

Company fourth quarter performance guidance income US$1.80 billion, plus or minus 5%, easily exceeded the consensus forecast of US$1.65 billion. Earlier this year, the chipmaker said it expected sales of artificial intelligence networking and custom processor chips to reach $2.5 billion by fiscal 2026, CEO Matthew Murphy said at a conference on Tuesday. Earnings Conference Call The company’s actions went too far.

Marvell shares rose more than 13% to around $109 in recent pre-market trading. As of Tuesday’s close, the stock had gained nearly 60% since the beginning of the year, fueled by insatiable demand for advanced chips that can handle the complex processing requirements of generating artificial intelligence.

Next, let’s break it down technical on the Marvell chart and points out important price levels to watch.

Ascending Triangle Breakout

Marvell shares breakout ascending triangle above average volume On Monday, bullish chart patterns suggest continue An upward trend in stocks.

Let’s use technical analysis speculative overhead price target and identified several important support level Investors can monitor during pullbacks.

Bar pattern overhead target deserves attention

Investors can predict indirect targets using bar chart patterns, a technique that analyzes previous price bars on a chart to predict future movements.

To apply this tool to the Marvell chart, we get the price bar from the stock’s price bar trend Move between October and November and reposition them from the lower limit of the ascending triangle trend line. The overhead target is expected to be about $120, about 25% higher than Tuesday’s closing price.

We chose this previous trend because it started from the lower trendline of an earlier ascending triangle on the chart, similar to how the current move higher began.

Important support levels to monitor

The first lower level to monitor is around $95, an area on the chart that could provide support for the price. pull back to the upper trendline of the ascending triangle.

Selling below this level could send the stock down to the $84 level. Investors may look for buying opportunities in the upward sloping area near this area 50-day moving average and a period of time merge Late October.

Finally, there is another bearish This move opens the door for a retest of lower support near $76. This area on the chart may attract buying interest around the early ascending triangle top trendline, which is also located near several well-known trendlines peak This year formed on the chart.

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As of the date of this writing, the author did not own any of the securities mentioned.