$MRVL Pennant Breakout Long
$MRVL displayed a strong reversal on August 21st & 22nd which saw it retake its channel/large bull flag that began early June. After retaking its channel last week of August, $MRVL made new highs at $41.34 and since then has consolidated in a large pennant structure. I am looking for a complete retracement of the structure to retest previous highs and ultimately make new highs.
On 5min time frame I am looking for breakout above $38 which is recent trend line resistance
BTO $MRVL 10/2 $39c avg $.40
$MRVL displayed a strong reversal on August 21st & 22nd which saw it retake its channel/large bull flag that began early June. After retaking its channel last week of August, $MRVL made new highs at $41.34 and since then has consolidated in a large pennant structure. I am looking for a complete retracement of the structure to retest previous highs and ultimately make new highs.
On 5min time frame I am looking for breakout above $38 which is recent trend line resistance
BTO $MRVL 10/2 $39c avg $.40
Comment:
I am still holding this trade and added $40c 10/2 avg $.40. Original trade is up 150%