Marvell Technology Jumps 6.32% as Technicals Signal Bullish Breakout

Marvell Technology (MRVL) shares demonstrated notable strength in the most recent session, rising 6.32% to close at $66.30 and extending a three-day winning streak that cumulatively advanced the stock by 10.15%. This surge follows a volatile period, including a 5.55% decline on May 30, positioning the stock for technical evaluation across key frameworks.
Candlestick Theory
The recent price action formed a robust bullish pattern. After a long red candle on May 30 (open ≈$63.73, close $60.19), three consecutive white candles emerged—June 2 (+2.13%), June 3 (+1.45%), and June 4 (+6.32%). The June 4 candle exhibited a long body with a high of $67.03, signaling strong buying pressure. Key support now resides at $58.61 (May 30 low), while resistance converges at $67.59 (May 29 high). The breach of the $63.73–$65.52 consolidation range suggests bullish conviction, though proximity to the $67.59 resistance may invite short-term profit-taking.
Moving Average Theory
The 50-day moving average (MA) recently crossed above the 100-day MA, indicating improving intermediate momentum. The current price ($66.30) trades above both the 50-day MA (~$62.50) and 100-day MA (~$63.80), reinforcing a bullish near-term bias. However, the 200-day MA (~$70.20) looms as significant overhead resistance. The alignment of shorter-term MAs above longer-term ones may support upward continuation, provided the price sustains above the 50-day MA.
MACD & KDJ Indicators
The MACD histogram turned positive in early June, confirming a bullish crossover as the signal line diverged upward. This aligns with accelerating momentum from oversold conditions. Conversely, the KDJ oscillator shows the %K line at ~85 (calculated from recent 14-day high/low: $67.59–$58.61), entering overbought territory (>80). While this divergence warns of potential near-term exhaustion, the MACD’s bullish trajectory suggests underlying strength may persist.
Bollinger Bands
Bollinger Bands expanded sharply during the June 4 rally, reflecting heightened volatility. The price closed near the upper band (~$67.50), typically indicative of short-term overextension. This expansion follows a period of band contraction in late May, which often precedes significant directional moves. The price’s ability to challenge the upper band supports the breakout thesis but warrants monitoring for mean reversion.
Volume-Price Relationship
Volume trends validate the bullish reversal. The May 30 sell-off occurred on elevated volume (48.3M shares), signaling capitulation. Subsequent gains saw volume progressively increase—18.3M (June 2), 19.3M (June 3), and 26.9M (June 4)—confirming buyer conviction. The rising volume on advancing prices enhances the sustainability case for the breakout, distinguishing it from low-volume rebounds.
Relative Strength Index (RSI)
The 14-day RSI measures ~65, calculated using average gains and losses from the May 16–June 4 period. While below the overbought threshold (70), its upward trajectory from mid-May’s sub-40 reading reflects strengthening momentum. This neutral-moderate RSI reading leaves room for additional upside before overbought risks materialize, though divergences with KDJ warrant caution.
Fibonacci Retracement
Applying Fibonacci levels to the May 29 high ($67.59) and May 30 low ($58.61), key retracement zones emerge at $60.73 (23.6%), $62.04 (38.2%), $63.10 (50%), and $64.16 (61.8%). The price decisively surpassed the 61.8% level and closed at $66.30—exceeding the 78.6% retracement at $65.68. This deep retracement signals strong bullish sentiment, with the pre-drop high ($67.59) as the primary upside target.
Confluence appears across volume, moving averages, and Fibonacci levels, collectively endorsing the breakout’s validity. Divergences between MACD (bullish) and KDJ (overbought) highlight a tension between momentum and exhaustion signals. While the technical structure leans bullish, short-term consolidation near $67.59 resistance may precede further upside. Continued volume support and stability above $64.16 (61.8% Fibonacci) would reinforce the recovery’s durability.