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

If we look at the MRVL chart, we can see it was trading in a channel for the past week topping at $75 and basing at the $71. Yesterday December 1st it fell straight from the open of $75 to the low $71 without any sign of slowdown. The closest support level can be deemed at $71 and the closest overhead resistance the $72. Its last traded price was $71.10.

Marvell Technologies Group Ltd. had scheduled a third-quarter earnings announcement today 02/12/2021. If earning expectations are surpassed, we could expect the price to move upwards, towards the $75 price range.

Today we could expect a move upwards near the resistance of $74 possibly further towards $75.

If however, it doesn’t manage to hold above the current price range then a case can be made for moving below the $71 support level.

(Click on image to enlarge)