Chart of the Day: Is This Holding's Pullback a Gift to Investors?
The chart is in good shape but the recent highs need to be challenged soon.
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It's been a nice ride up for many of the semiconductor stocks and for various reasons. Recent news about Nvidia NVDA starting to sell (restart) chips into China along with some conciliatory tone between the U.S. and other countries in regards to trade has had a positive influence.
Marvell Technology MRVL has been a huge beneficiary of this draft higher in semiconductor stocks but a recent pullback may have presented bullish investors with another opportunity. The dip buyers have been active in this stock for a few months since the major dip down in the spring.
A series of higher highs, higher lows since that bottom in April signals a strong uptrend is in place. The recent pullback from the $80 level makes sense as that was strong resistance at the 200-day moving average.
Now that the 100-day moving average has been tested and the momentum is flushed out (stochastics, pane 4) we may see this stock surge once again. The candles are teal/blue, which indicate bullish on the GoNoGo composite of indicators.
This recent 8% pullback seems to be a gift, so you might consider taking on some shares here if you are light in your portfolio.
We like Marvell in TheStreet Pro Portfolio and rate it a One, or "buy at anytime."
At the time of publication, TheStreet Pro Portfolio was long MRVL.
