It looks like my decision to sell MRVL was a little premature. Last Monday it didn't really move, and then Tuesday it jumped up to $17.65 on decent volume. It continued its bullish climb through Friday, closing on the high around $18.00. That's 6% higher than where I sold it.
Today it dropped hard, falling nearly 5% to $17.11. It is now back inside of its price channel, but it may be breaking out soon. I think the stock may see a little more downside within the next few days, but some of the technical indicators are beginning to look bullish. The 50-day MA is sloping upward under the stock, which may provide some support around $16.90.
The next few days should be interesting - MRVL might start to look attractive if Stochastics reaches oversold levels, and if it finds support at the 50-day MA.
No comments:
Post a Comment