Marvel Technology witnesses spikes in trading volumes - Analysis - 26-05-2023

Marvel Technology's stock (MRVL) surged in the intraday levels while buoyed by piercing the downward medium-term trend line previously, with positive support from the 50-day SMA, marking a strong profit of 7.59% in the last session, or 3.49 points, and settling at 49.47, accompanied with a huge spike in trading volumes, with the stock tackling the important resistance of 49.30, with negative signals from the RSI after reaching overbought levels, hindering the advance. 

Therefore we expect more gains for the stock, targeting the resistance of 58.40, provided the initial resistance of 58.40 is reliably breached.

Expected trend for today: Bullish