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

By Shiri Gupta

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. Today's price range of $26.11 and $26.16 is within yesterday'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.

Over the past year, Marvell Tech Grp has traded in a range of $14.34 to $26.62 and is now at $26.11, 82% above that low. The 200-day and 50-day moving averages have moved 0.74% higher and 0.56% higher over the past week, respectively.

Potential upside of 4.5% exists for Marvell Tech Grp, based on a current level of $26.11 and analysts' average consensus price target of $27.28. Marvell Tech Grp shares have support at the 50-day moving average (MA) of $23.72 and additional support at the 200-day MA of $19.91.

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 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 12.9%. We continue to monitor MRVL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle marvell tech grp

Ticker(s): MRVL