Marvell @ Year Lows
Published on Friday, 06 July 2012 12:34 Written by TradersHuddle Wire
New York, July 6th (TradersHuddle.com) - Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) booked a new 52 week low by trading below $10.87. Traders are definitely monitoring Marvell's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.
Marvell Technology Group Ltd. (NASDAQ:MRVL) designs, develops, and markets integrated circuits for communications-related markets. The Company offers products that provide the interface between analog signals and the digital information used in computing and communications systems.
Marvell is currently trading -2.26% versus its previous trading session close, and it has calculated support and resistance at $10.87 and $12.18 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.
The overall market index S&P 500 is trading lower by -1.32% from its previous trading close, which means that Marvell stock is underperforming the overall market.
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