Swing Trade Idea (MRVL) – March 23, 2023
Our bearish trade for Thursday, March 23rd is Marvell Technology Inc. (MRVL). MRVL is part of the Technology Sector, which has performed at 4.95% over the last month, with MRVL underperforming relative to its sector at -5.73% over the same period.
MRVL is in a steady downtrend and recently made a lower high from where it continues the downward trajectory. Both the 1M and 6M trends are bearish, and it has a Relative Strength of 3 (out of 10), confirming our bearish bias for this trade.
As a close, if MRVL were to trade above $43 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We also will consider cutting losses on this options trade if the value of the vertical spread moves above $2.68.
