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Possible Bearish Inside Day Candle Pattern Detected for Marvell Tech Grp (NASDAQ:MRVL)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Marvell Tech Grp (NASDAQ:MRVL) based on the price action in the company's shares. Yesterday's price range of $22.98 and $23.40 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Marvell Tech Grp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Marvell Tech Grp has overhead space with shares priced $23.17, or 15.1% below the average consensus analyst price target of $27.28. The stock should discover initial support at its 50-day moving average (MA) of $22.84 and subsequent support at its 200-day MA of $19.17.

Over the past year, Marvell Tech Grp has traded in a range of $14.34 to $25.64 and closed yesterday at $23.17, 62% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 0.8%.

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.

SmarTrend is tracking the current trend status for Marvell Tech Grp and will alert subscribers who have MRVL in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle marvell tech grp

Ticker(s): MRVL