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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Marvell Technology (NASDAQ:MRVL) based on the price action in the company's shares. Today's price range of $9.78 and $9.91 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. Traders and investors interested in shares of Marvell Technology 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 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.

In the past 52 weeks, shares of Marvell Technology have traded between a low of $6.98 and a high of $16.86 and are now at $9.80, which is 40% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.5%.

Marvell Technology (NASDAQ:MRVL) is currently priced 0.8% above its average consensus analyst price target of $9.73. Marvell Technology shares should encounter resistance at the 50-day moving average (MA) of $10.11 and support at its 200-day MA of $9.70.

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

Keywords: bullish inside day candle marvell technology

Ticker(s): MRVL