Marvell Technology Stock Forecast: MRVL gains 4.8% in premarket after earnings beat

MRVL stock is down more than 36% year to date. stock has advanced nearly 5% in Friday's premarket after posting Q1 results late Thursday that narrowlybut offered an optimistic outlook that impressed Wall Street. MRVL shares are trading up 4.8% three hours before the market opens at $59.70. Tesla Stock Deep Dive: Price target at $400 on China headwinds, margin compression, lower deliveriesMarvell Technology posted adjusted earnings per share of $0.52 on revenue of $1.45 billion.

There is a large area surrounding $63 that may make this difficult. A supply zone ranges from $61.75 to $65.10 that ranged back to early April. Only ifcan overcome this barrier will it have the opportunity to make a longer-term run for the $76.52 high from March 22. The good news for bulls is that the 9-day moving average has crossed over above the 20-day moving average. That is the first signal that a bull trend might be forming. Until then, support is at $52.

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