On March 1, 24 I bought
MRVL
(the purple arrow) as the stock broke out into its new 52-week high with relatively good volume after accumulation of nearly 2 months.
I then sold it on March 8, 24 as the stock down 11% after earnings.
It was a hard choice then because
I actually thought about waiting a little longer until the stock will go down the support to sell it. In that case I will lose an additional 4% which is also fine.
But I finally decided to sell for the following reasons.
MRVL
(the purple arrow) as the stock broke out into its new 52-week high with relatively good volume after accumulation of nearly 2 months. I then sold it on March 8, 24 as the stock down 11% after earnings.
It was a hard choice then because
- I rarely sell something which is still above its own MA-10
- Also, the stock is right at its MA-10, and just a little above the support.
I actually thought about waiting a little longer until the stock will go down the support to sell it. In that case I will lose an additional 4% which is also fine.
But I finally decided to sell for the following reasons.
- It was among the first chip stocks sold down hard.
- The volume on the down move was very strong, 2 times higher than the volume on break out.