MRVL support zone 280 hit

Support zone: close above is a hit. Close on the level is a push. Graded on the regular-session close.

A support zone is a price below the market where a large amount of options positioning sits. The idea is that this positioning can slow a move down there, so the test is simple: does the stock close above it? When it was posted at 14:28 ET, MRVL traded at 290, 3.6% above the support zone. On the same map, the next level above was 290 and the next level below was 260. See the original post.

Price traded through the support zone during the session (first 5-minute close on the wrong side at 4 PM ET), with a low of 275.28 and a high of 297.37. In the last hour price moved down 14.20, from 289.48 to 275.28.

The regular-session close was 287.19, 7.19 (2.57%) above the support zone at 280. Under the rule (support zone: close above is a hit), that is a hit.

Marvell held its Investor Day, raising its fiscal 2028 revenue outlook to $20 billion and forecasting $70-90 billion in fiscal 2031 revenue, driven by custom AI chips. MRVL finished the day up 5.8%, while SPY was up 0.5%.

• CNBC: What Marvell's rosy long-term guidance means for AI chip stocks
• 24/7 Wall St.: Marvell rallies 6% as Investor Day presses the custom AI silicon case