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

When we look at the MRVL ‘s chart, we can see the fall from the $59 range on June 2nd to the $56.5 level on June 3rd forming support and then rebounding strongly to the $62 range, however, unable to sustain the rally it retracted to the $60 range during June 6th session. During yesterday’s session, it fell momentarily to the $58.5 range where it found temporary support, and then moved higher and closed the day in the $61 range, where it was last found trading.

Today we can expect a move above the $62 overhead resistance level.

If however, it doesn’t manage to hold on to the current level then a move towards the $56.5 level can be expected.

(Click on image to enlarge)