Marvell - down 2.5% today but earnings tomorrow may lead the next leg higher

Taking a look at Marvell ahead of its earnings tomorrow. Currently, the tech firm’s shares are trading at around $76.24 a share. Shares are down 2.5% on the day right now since the market sentiment has soured a touch ahead of the PCE data on Friday. With Nvidia earnings lifting the mood for tech and chip companies last week, it seems like all eyes are now on PCE before any concrete moves in either direction. Based on the weekly chart, we can see that the stock has found support at $61.68 back in April, rallying 22% since. Having climbed above the resistance of $76.18 earlier this week, the next resistance is the level of $85.71, A break above this level would certainly ignite some momentum, perhaps leading to an extended move towards $90 a share. Near-term support reads$66.93 followed by the already mentioned $61.68. A dip below $61.68 may lead to a sell-off towards the trendline support, or respectively, $55-$56 a share. Furthermore, the technical indicators are looking rather optimistic. The MACD has just turned positive and the RSI reads 61, suggesting bullish momentum is present.