Marvell Technology Set to Possibly Pullback After Yesterday's Rally of 1.63%
Marvell Technology (NASDAQ:MRVL) traded in a range yesterday that spanned from a low of $11.51 to a high of $12.05. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $11.89 on volume of 8.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Marvell Technology has traded in a range of $6.98 to $16.86 and is now at $11.87, 70% above that low. 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 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 23.0%. We continue to monitor MRVL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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