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Look for Shares of Marvell Technology to Potentially Pullback after Yesterday's 1.09% Rise

By Nick Russo

Marvell Technology (NASDAQ:MRVL) traded in a range yesterday that spanned from a low of $16.08 to a high of $16.31. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $16.23 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, Marvell Technology share prices have been bracketed by a low of $6.98 and a high of $16.86 and are now at $16.27, 133% above that low price. The 200-day and 50-day moving averages have moved 0.64% lower and 0.24% higher over the past week, respectively.

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 69.9%. 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