MRVL

[Melf Elf]

The $34.00 target MADE today.  Great pick, Alister, and nice trade.  Applause.

And, the stock made a short-term bottom the very next session, July 24, at 16.74.

Technically, this is an interesting chart (well, they all are interesting, really  )

1. After the Symmetrical Triangle (almost an Ascending Triangle) was established, MRVL, gapped down below it, and looked headed a lot lower.  13.18 was IN PLAY.

2. Instead,  that gap down was THE LOW, so far.

3. After that, MRVL put in a "W"-Bottom (red channel and green channel), then broke out above the middle of it (18.24), which is the "buy pivot."  The print of 18.25 was the actual "buy signal."

That put a target of 20.28 IN PLAY, and it CANCELLED the downside target of 13.18, because a BULLISH pattern broke out.

4. MRVL rallied to 20.16, missing the 20.28 target by twelve cents.  It's still IN PLAY.

5. On the recent selloff, look where MRVL has found support, TWICE!  Right at the bottom of the Symmtrical Triangle (Trendline #1 and #3) that "should have been support" in the first place, but failed.

This DOUBLE validation of that trendline here, on November 9-10, and again on November 17, now is indicating:

"Okay, I screwed up breaking that trendline in early October on the gap down, but now I'm telling you TWICE that I've gone back down from almost making the 20.28 target IN PLAY, and that I've 'gotten it right' this time.  That trendline  it really is support now."

6. If MRVL is lying to us, and if that trendline isn't support, that's an easy, low-risk stop out.

At this interesting juncture in MRVL's chart, on Friday night, Cramer gave it the BOOYAH!! 
(see post on the BOOYAH in Melf's Workshop, if interested). MRVL boosted guidance on Thursday.

Hmmm-mmm...(we need a face on the toolbar, licking its chops) 

Technically, MRVL is giving us signs of bullishness, and now some bullish news on the fundamental front.

Hmmm-mmmm...

The top of this pattern comes in on Monday at 20.833. A breakout above it this week would put a target of roughly 25.30 IN PLAY, which is in the June gap area.

MRVL almost assuredly will gap higher at Monday's open on the BOOYAH.  It closed on Friday at 9.05.  The high was 19.50, so the open likely will be above 19.50.  If it isn't much above it, say 19.60, I'll buy the open. 

I might even loosen up the wallet for 19.70. 

Stop below the DOUBLE validation of trendline support (and, it better be support!). 

[Melf Elf]

Bought MRVL at 19.48.  Stop: 18.10.  Risk: a loss of 7%.

MRVL currently is BID 19.43...ASK 19.44

[Melf Elf]

The top of this pattern comes in on Monday at 20.833. A breakout above it this week would put a target of roughly 25.30 IN PLAY, which is in the June gap area.

Sold 10% MRVL yesterday near the close, at 20.82.  Gain: 6.9%
Sold 10% MRVL at today's open, at 21.23, near the previous 21.25 high. Gain: 9.0%

Hoilding 80% long.  Sorry that I couldn't post it.  The 3SOF was down.

4. MRVL rallied to 20.16, missing the 20.28 target by twelve cents.  It's still IN PLAY.

Since the 20.28 target MADE yesterday, I'm raising the stop to 18.29, below the low of the last trendline validation.  Risk is reduced to a loss of 6.1%.

This DOUBLE validation of that trendline here, on November 9-10, and again on November 17, now is indicating:

"Okay, I screwed up breaking that trendline in early October on the gap down, but now I'm telling you TWICE that I've gone back down from almost making the 20.28 target IN PLAY, and that I've 'gotten it right' this time.  That trendline  it really is support now."

The improved technicals helped MRVL to bounce on the BOOYAH.  It's pulled back a bit today from the upper trendline, which looks fine.

[Melf Elf]

A little Symmetrical Triangle breakout today, and a new high for the move out of the larger breakout on November 20.

]The top of this pattern comes in on Monday at 20.833.  A breakout above it this week would put a target of roughly 25.30 IN PLAY, which is in the June gap area.

Sold 10% MRVL yesterday near the close, at 20.82.  Gain: 6.9%
Sold 10% MRVL at today's open, at 21.23, near the previous 21.25 high. Gain: 9.0%

Hoilding 80% long.  Sorry that I couldn't post it.  The 3SOF was down.

The chart looks fine.  It's actually 25.33 that is IN PLAY.  Still holding 80% long.

[Melf Elf]

Sold 10% MRVL yesterday near the close, at 20.82.  Gain: 6.9%
Sold 10% MRVL at today's open, at 21.23, near the previous 21.25 high. Gain: 9.0%

Hoilding 80% long.

Sold my remaining 80% of MRVL at 19.97.  Gain: 2.5%.  Gain on the trade: 3.6%.

I've held MRVL for almost one month.  Since breaking out on the chart in my last post, MRVL has been trading back below the breakout, and "could be" forming a H&S Top here.

Mainly, I don't like all of the candles on the daily chart that are back below the breakout, so I sold it.

[nexta]

would you try to analyse this one for going long just now?

[nexta]

http://biz.yahoo.com/bizj/070619/1479421.html?.v=1

Mikes Market blog:
I still think MRVL options and stock are a thing to keep an eye on.  In the company's last SEC filing, they stated that they have until June 26th (tomorrow), to file their late financial reports.  No news is out at the moment, and this may keep a bid in the options (which started midday Friday, shortly after being mentioned on MM), as there may be some uncertainty on whether the company can maintain its listing on the Nasdaq...

SEC deadline 28.6.07

[setravis]

 
updated chart look...