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Swing Trade Idea (MRVL) – February 29, 2024

Our bearish trade for Thursday, February 29th is Marvell Technology Inc (MRVL). MRVL is part of the Technology Sector, which traded at 0.54% over the last month, with MRVL performing at -3.71% over the same period.

MRVL is underperforming to the Technology sector after a few failed attempts to break higher, above resistance at $71. As this is a sign of weakness and of an overbought condition, we expect to see MRVL pulling back to lower levels over the duration of this trade, in unison with the larger equities market.

As a close, if MRVL were to trade above $72 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $5.44.