By Licia Leslie
July 26, 2024
Hi Shoppers,
Marvell Technology (Ticker: MRVL) has a high wave doji candle at the support level, created yesterday:
A high wave doji has the classic small or nonexistent real body but the upper and lower shadows are very long.
This indicates large moves up and down where the bulls and bears are battling it out to take control with neither side winning.
This candle pattern represents mass confusion.
The stock is sitting on support of an older pitchfork so I will be looking for the stock to open and trade higher this morning, preferably $65, before hopping into some calls.
If it does bounce, resistance comes in at $66.21 and then $69.83.
Trade Review
Energy Transfer (Ticker: ET) never traded over $16.50 so no trade was made.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
See what's hot at option pit
CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain