MRVL Bounce From Covid Lows
I have been tracking this company since October 2020's covid price low (retracement). The price fell back to $35 covid at the beginning of 2023 and formed the beginning of a large reversal signal by mid-year of 2023. Now, MRVL has given a new signal to go long.
Weekly:
Weekly MACD closed positive above the water line from November 13, 2023 and stayed positive. About, two months later, and this day on January 8, 2024, all the ichimoku lines are in place on the weekly chart this week for the first time since May 2022. The chikou span pierced above the cloud and there is a tenkan-kijun cross.
Daily:
Price retraced and chikou bounced from the cloud with price forming an engulfing pattern near or at 50ema, kijun, fib and average weekly range support. This also was a weekly BBT pullback on a daily chart. All things lining up made this a good trade to take.
I purchased on the pullback from 56 to 58. So, I am late to post. But, the price is right, and we have great room for error. I am aiming for 89 to 90.
Weekly:
Weekly MACD closed positive above the water line from November 13, 2023 and stayed positive. About, two months later, and this day on January 8, 2024, all the ichimoku lines are in place on the weekly chart this week for the first time since May 2022. The chikou span pierced above the cloud and there is a tenkan-kijun cross.
Daily:
Price retraced and chikou bounced from the cloud with price forming an engulfing pattern near or at 50ema, kijun, fib and average weekly range support. This also was a weekly BBT pullback on a daily chart. All things lining up made this a good trade to take.
I purchased on the pullback from 56 to 58. So, I am late to post. But, the price is right, and we have great room for error. I am aiming for 89 to 90.
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