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Possible Bearish Inside Day Candle Pattern Detected for Marvell Tech Grp (NASDAQ:MRVL)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Marvell Tech Grp (NASDAQ:MRVL) based on the price action in the company's shares. Today's price range of $25.74 and $26.13 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. Owners of Marvell Tech Grp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 5.2% exists for Marvell Tech Grp, based on a current level of $25.92 and analysts' average consensus price target of $27.28. The stock should find initial support at its 200-day moving average (MA) of $24.80 and further support at its 50-day MA of $22.85.

Marvell Technology Group Ltd. designs, develops, and markets integrated circuits for communications-related markets. The Company's products provides the interface between analog signals and the digital information used in computing and communications systems. Marvell Technology Group serves the broadband data communications markets in Bermuda and the United States.

In the past 52 weeks, Marvell Tech Grp share prices have been bracketed by a low of $16.40 and a high of $28.85 and are now at $25.92, 58% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

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

Keywords: bearish inside day candle marvell tech grp

Ticker(s): MRVL