What to Expect From Q2 Results? 

Looking at the charts, MRVL stock price seems to be stuck in a consolidation zone ranging between $56.50 and $66. The share price turned strongly bullish at the end of April and formed an annual high of $67.99. 

A surge of approximately 82% occurred from the low of $37. After a bullish rally, MRVL stock entered in a consolidation zone at the start of June 2023. If Marvell Technology stock price can rise above $63.70, it might head toward the next resistance level of $66.

On the other hand, if bears take control and push the price below the $56.50 support level, there is a possibility that the stock price might fill the gap to the left and potentially head toward $40. 

Marvell Technology To Release Q2 Financial Results

The company forecasts total revenue of $1.33 Billion for the fiscal second quarter, remarking a decrease of 12.3% from the prior-year quarter. Marvell Technology projects non-GAAP earnings per share for Q2 is expected to be roughly 32 cents, indicating a year-over-year decline of 43.9%.

The Q2 financial performance of Marvell Technology is likely to be affected by the softness in its product demand as original equipment manufacturers (OEMs) are rescheduling orders to manage excess chip inventories. 

Also, due to the broadening inventory corrections, Quarter 2 revenue from its data center end market remained flat sequentially. 

Another possible reason that might affect the earnings result is the enterprises postponing their large IT spending plans due to the weakening in the global economy amidst ongoing macroeconomics and geopolitical issues. 

Nvidia reported strong second-quarter results which worked as a catalyst for the AI-related stock on Wednesday, 23rd August. This might be the reason behind the spike in MRVL share price. 

Will MRVL Stock Rise to $66?

The stock price has crossed above 20, 50, 100, and 200-day exponential moving averages, indicating bullish momentum. Chaikin money flow (CMF) score has jumped above the 0 mark indicating strength in the market. 

CMF has been trading below the 0 mark since 8 August 2023. The relative strength index stands at 53.07, rising above neutral territory and supporting the current price action. 

The Bollinger bands have slightly expanded indicating a rise in volatility and MRVL stock price has crossed above the 20-day SMA of Bollinger, headed toward the upper band of Bollinger which resides near the $66 resistance level.


The market structure and price action of Marvell Technology are bullish after bouncing from the support level of $56.50. If Q2 financial results are positive, the stock might rise toward $66 while the negative results can push the price to $56.50. 

Technical Levels
  • Major support: $56.50 and $50
  • Major resistance: $67.99 and $70  

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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