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Marvell Tech Grp: 52-Week High Recently Eclipsed (MRVL)

By Nick Russo

Marvell Tech Grp (NASDAQ:MRVL) traded at a new 52-week high today of $26.26. This new high was reached on below average trading volume as 1.8 million shares traded hands, while the average 30-day volume is approximately 8.6 million shares.

Marvell Technology Group Ltd. designs, develops, and markets integrated circuits for communications-related markets. The Company's products provides the interface between analog signals and the digital information used in computing and communications systems. Marvell's technology is applied to the broadband data communications market.

Potential upside of 3.9% exists for Marvell Tech Grp, based on a current level of $26.26 and analysts' average consensus price target of $27.28. The stock should discover initial support at its 50-day moving average (MA) of $23.67 and subsequent support at its 200-day MA of $19.87.

Over the past year, Marvell Tech Grp has traded in a range of $14.34 to $26.26 and is now at $26.26, 83% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.3%.

SmarTrend recommended that subscribers consider buying shares of Marvell Tech Grp on June 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.38. Since that recommendation, shares of Marvell Tech Grp have risen 11.7%. We continue to monitor MRVL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows marvell tech grp

Ticker(s): MRVL