Marvell Bullish Engulfing Formed

mrvl New York, February 1st (TradersHuddle.com) - Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) ended the trading session higher by $0.28 or 3.03% from its previous close. Marvell's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.

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's recent stock range was formed by a trough where calculated support was defined at $6.98 and by a peak that established the resistance level at $9.38. This range could be used by traders managing their positions.

Traders wanting to establish a position in Marvell or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.

The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:

TradersHuddle Search

Stock Search:


Site Search:

Loading

Technical Scans

Recent Trading Ideas

Latest Partner Headlines

Stock Market

Loading
Chart
o Dow Jones 17,630.27 ▲189.68 (1.09%)
o S&P 500 2,093.25 ▲25.61 (1.24%)
o NASDAQ 5,089.21 ▲49.43 (0.98%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:17,630.27 Trade time:4:29PM EDT Value change:▲189.68 (1.09%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,093.25 Trade time:4:29PM EDT Value change:▲25.61 (1.24%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:5,089.21 Trade time:5:15PM EDT Value change:▲49.43 (0.98%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.