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Marvell Technology Looks to Continue to Trade Above its Annual-High Share Price Today

By David Diaz

Shares of Marvell Technology (NASDAQ:MRVL) traded today at $18.15, breaking its 52-week high. Approximately 3.1 million shares have changed hands today, as compared to an average 30-day volume of 5.5 million shares.

Marvell Technology (NASDAQ:MRVL) is currently priced 7.1% above its average consensus analyst price target of $16.86. The stock should find initial support at its 50-day moving average (MA) of $10.12 and further support at its 200-day MA of $9.65.

In the past 52 weeks, Marvell Technology share prices have been bracketed by a low of $6.98 and a high of $18.15 and are now at $18.14, 160% above that low price. The 200-day and 50-day moving averages have moved 0.64% lower and 0.24% higher over the past week, respectively.

Marvell Technology Group Ltd. designs, develops, and markets integrated circuits for communications-related markets. The Company's products provide 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.

SmarTrend recommended that subscribers consider buying shares of Marvell Technology on May 16th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.10. Since that recommendation, shares of Marvell Technology have risen 8.4%. 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 technology

Ticker(s): MRVL