Thoughts on MRVL's recent dip - key level hold?
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Hey all,
Been watching $MRVL pretty closely today, and that 7.82% drop to the low 216s has definitely caught my attention. It touched 211.1 at one point and is now hovering around 216. My thinking, looking at the daily chart, is that the 210-212 region represents a pretty significant confluence of support. It's roughly where the 50-day moving average is sitting, and also an area that's acted as decent demand in the past few weeks after previous pullbacks.
I'm curious to see if this level holds up into the close and over the next couple of sessions. If it does, then perhaps we're looking at a healthy retest before a potential bounce. However, if we see a sustained break below 210, especially on higher volume, that would invalidate this idea for me pretty quickly. That would suggest the recent bullish structure is breaking down, and we might be looking at a deeper correction towards the 200 area or even lower. Just my initial thoughts, keen to hear what others are seeing on their charts.