After Yesterday's Rally of 1.12% Shares Could Potentially Pullback
Marvell Technology (NASDAQ:MRVL) traded in a range yesterday that spanned from a low of $12.45 to a high of $12.70. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $12.64 on volume of 1.9 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
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 $12.56, which is 80% above that low price. 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 February 18th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.49. Since that recommendation, shares of Marvell Technology have risen 31.3%. We continue to monitor MRVL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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