Marvell @ Year Lows

Published on Monday, 24 September 2012 12:34 Written by TradersHuddle Wire

New York, September 24th (TradersHuddle.com) - Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) booked a new 52 week low by trading below $9.79. 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 -0.97% versus its previous trading session close, and it has calculated support and resistance at $9.98 and $10.54 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 -0.33% from its previous trading close, which means that Marvell stock is underperforming the overall market.