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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $24.11 and $24.50 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. Traders and investors interested in shares of Marvell Tech Grp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 Technology Group serves the broadband data communications markets in Bermuda and the United States.

Marvell Tech Grp has overhead space with shares priced $24.21, or 11.3% below the average consensus analyst price target of $27.28. The stock should find initial resistance at its 200-day moving average (MA) of $24.99 and further resistance at its 50-day MA of $26.08.

Marvell Tech Grp share prices have moved between a 52-week high of $28.85 and a 52-week low of $16.40 and closed yesterday at 48% above that low price at $24.21 per share. The 200-day and 50-day moving averages have moved 0.09% higher and 0.48% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Marvell Tech Grp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Marvell Tech Grp in search of a potential trend change.

Keywords: bullish am inside day candle marvell tech grp

Ticker(s): MRVL