Million

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Marvell Technology’s stock price closed at $63.11 while witnessing a loss of -0.47% during the last intraday trading session.</a> </li> 
 <li> <span>2</span> <a>MRVL stock price trades above 20, 50,100, and 200-day EMAs.</a> </li> 
 <li> <span>3</span> <a>The Year-To-Date (YTD) return of Marvell Technology is 66.47% while S&amp;P 500 YTD return is 18.63%.</a> </li> 
</ul> 
<p>MRVL stock price was stuck in a wide consolidation zone ranging between $36.90 and $49 since the start of 2023. The stock price was struggling to rise above the $50 level. By May-end, Marvell Technology’s stock price finally gained enough bullish momentum to shatter the resistance level of $49.&nbsp;</p> 
<p>The release of positive Quarter-1 fiscal year 2024 financial results turned out to be a catalyst and fueled the bullish momentum.&nbsp;</p> 
<p>The consensus estimated the revenue to be $1.3 Billion but it turned out to be $1.322 Billion, a surprise of 21.733 Million (1.67%). The company also beat earnings per share estimates by $0.017 (5.82%). This bullish move led to the formation of an annual high at $67.99.</p> 
<h2 class="wp-block-heading" id="strong-chart-watch-annual-high-at-67-99-strong"><strong>Chart Watch: Annual High at $67.99</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/D_SpqJcWfy84Ge1iIzZL_0KgP-9ak4Ct_gRD0rZoRtFrpDGQrOHozZL25jPXpMutKUI5mcPpp8G-X18-mgX_LqbTTIBOjBeFJL77GQJDhDPmmK4vg0sd1TaBxbfPpId2KR3RJLFEvMojBcozkeoomA" alt="Marvell Technology (MRVL) Stock: Will Price Reach $75 Level?"> 
  <figcaption class="wp-element-caption">
    Source: MRVL Stock Price By <a href="https://www.tradingview.com/x/nbcWqU1P/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>Recently, the price formed support at $57.80 after retracing from the annual high and regained bullish momentum to retest $67.99. The move was halted as the price faced rejection from $66.81 and started to decline. If the price breaks below $62, it might melt toward the recent support of $57.80 causing a downfall of roughly -6.80%.&nbsp;</p> 
<p>On the other hand, if the price can break and close above $68, bulls might enter the market to push the price toward the next resistance level of $75 causing a rise of approximately 10.35%.&nbsp;</p> 
<p><a href="https://www.thecoinrepublic.com/2023/05/28/marvell-technology-inc-mrvl-stock-rose-32-intraday/" target="_blank" rel="noopener noreferrer nofollow">Marvel technology</a> has been just as explosive, rising from a low of $37.50 to $63.11 with a potential to rise further. MRVL also stated that it is in the early stages of its AI ramp and has forecasted fiscal year 2024 revenue to at least double from the prior year.&nbsp;</p> 
<p>Barclays has increased the price target for MRVL stock price from $55 to $75 with an average outperform rating. Although insider selling took place on July 15, 2023, Matthew J Murphy, chief executive officer of Marvell Technology, sold 30,000 shares for $1,923,900.</p> 
<h2 class="wp-block-heading" id="strong-will-mrvl-stock-price-reach-75-in-august-2023-strong"><strong>Will MRVL Stock Price Reach $75 in August 2023?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/aD2yUvroU6bitFA8IykdfNNa4KzozZlI9yBI702itcjSRwzk2wH1XgNfB59_xxv1H0ozxZlaG3FiEL7WWlJJXrF35ylvhOs1NiEcpEo9mKMb__pv_A3a-2FzmG7KxUiDqGfPdsvuWTLIjhLy_grygg" alt="Marvell Technology (MRVL) Stock: Will Price Reach $75 Level?"> 
  <figcaption class="wp-element-caption">
    Source: MRVL Stock Price By <a href="https://www.tradingview.com/x/rPEQa20s/" rel="noopener noreferrer nofollow">TradingView</a>. 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/05/28/marvell-technology-inc-mrvl-stock-rose-32-intraday/" rel="noopener noreferrer nofollow">stock price</a> traded above 20,50,100 and 200-day, implying that the price is in bullish momentum and the 20-day EMA has been acting as a support for the price. The Chaikin money flow (CMF) score is 0.02 indicating slight strength in the market.&nbsp;</p> 
<p>CMF has declined from 0.14 as the price faced rejection from $66.10. The relative strength index traded at 56.39 which also suggests the price still possesses bullish momentum but the bears have started to enter the market.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>The market structure and price action of Marvell technology is overall bullish but the past four days’ candles are bearish indicating that bears have started to enter the market.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<ul> 
 <li>Major support: $57.80 and $49</li> 
 <li>Major resistance: $66.10 and $75</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Marvell Technology (MRVL) Stock: Will Price Reach $75 Level?

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Thecoinrepublic.com

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