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

By David Diaz

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 $19.50 and $19.67 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.

Potential upside of 39.1% exists for Marvell Tech Grp, based on a current level of $19.61 and analysts' average consensus price target of $27.28. The stock should discover initial support at its 200-day moving average (MA) of $19.03 and subsequent support at its 50-day MA of $17.11.

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.

In the past 52 weeks, shares of Marvell Tech Grp have traded between a low of $14.34 and a high of $25.18 and closed yesterday at $19.61, which is 37% above that low price. The 200-day and 50-day moving averages have moved 0.1% lower and 1.39% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Marvell Tech Grp on January 2nd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $16.29. Since that recommendation, shares of Marvell Tech Grp have risen 21.6%. We continue to monitor MRVL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle marvell tech grp

Ticker(s): MRVL