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After Yesterday's Rally of 1.24% Shares Could Potentially Pullback

By Nick Russo

Marvell Technology (NASDAQ:MRVL) traded in a range yesterday that spanned from a low of $17.58 to a high of $18.18. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $17.66 on volume of 5.0 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 $18.18 and are now at $17.71, which is 154% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.2% while the 200-day MA has slid 0.6%.

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 8.4%. We continue to monitor MRVL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders marvell technology

Ticker(s): MRVL