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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Marvell Technology (NASDAQ:MRVL) based on the price action in the company's shares. Today's price range of $17.54 and $17.70 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 Technology may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Based on a current price of $17.64, Marvell Technology is currently 4.4% above its average consensus analyst price target of $16.86. The stock should discover initial support at its 50-day moving average (MA) of $10.12 and subsequent support at its 200-day MA of $9.65.

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.

Over the past year, Marvell Technology has traded in a range of $6.98 to $18.18 and is now at $17.64, 153% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 0.2%.

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 8.9%. 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 technology

Ticker(s): MRVL