Photo by Alexandre Debiève on Unsplash

Today’s instrument is the Marvell Technology Group Ltd‘s stock traded in Nasdaq exchange under the ticker MRVL. 

When we look at the MRVL ‘s chart, we see the choppy price action for the past week, falling initially from the $68 range to the $63, the spike up in the $68 and fall again back down to the $62. This pattern was repeated throughout the week, indicating increasing bearish pressure, controlling and pushing the price below the $68 level. Worth mentioning however is the strength of the support level at the $62 range which keeps it afloat. It was last found trading at the $66 range, key resistance found at $68 level and support found at the $61-62 range.

Today we can expect a move towards the $61 support level.

If however, it manages to hold on to the current level then a move towards the $68 resistance level can be expected.

(Click on image to enlarge)