Watch These Marvell Technology Price Levels as Stock Tumbles on Soft Sales Outlook
Key Takeaways
- Marvell Technology shares plunged Friday after the chip designer issued a sales forecast below Wall Street’s expectations.
- The stock recently broke down below an uptrend line extending back to the April low before staging a retest of the indicator leading into the company’s quarterly results.
- Investors should watch critical support levels on Marvell’s chart around $62, $56, and $50, while also monitoring an overhead area near $78.
Marvell Technology (MRVL) shares plunged Friday after the chip designer issued a sales forecast below Wall Street’s expectations.
The company said it expects third-quarter revenue of $2.06 billion, give or take 5%, with that figure slightly below analysts’ estimates. CEO Matthew…
