Trading Idea: Is Marvell Breaking Down?
Published on Friday, 15 June 2012 07:20 Written by TradersHuddle Wire
New York, June 15th (TradersHuddle.com) - Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) closed the trading session at $11.60 below calculated support at $11.89. The stock broke long setups, prompting the bulls to worry that this move might give the bears the upper hand.
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 stock was trading in a well defined range with support at $11.89 and resistance at $12.92; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $11.89 will remain in focus as Marvell's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in Marvell can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $11.89. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
- Is Marvell Breaking Out?
- Semis Outperfomed the S&P 500 :MU, MRVL, CRUS
- Is Marvell Breaking Out?
- Sector Wrap - Semis Lower: WFR, AMD, MRVL
- Close to the 50 Day Moving Average: Marvell
- Trading Idea: - Is Marvell close to Resistance?
- Semis Underperfomed the S&P 500 :AMD, VECO, RBCN
- Sector Wrap - Semis Flat: AMD, CREE, CRUS
- NASDAQ 100 Round Up - Higher: STX, EXPD, GILD
- Marvell Broke Resistance
Related Partner Headlines
- UPDATE: Jefferies & Company Reiterates Hold Rating, Lowers PT on Marvell Technology Group Ltd. - Benzinga
- UPDATE: Stifel Nicolaus Cuts PT to $10 on Marvell Technology Group; Mobile Competition - Benzinga
- UPDATE: D.A. Davidson Reiterates Buy Rating, Lowers PT on Marvell Technology Group - Benzinga
- UPDATE: Stifel Nicolaus Lowers PT to $11 on Marvell Technology Group on Lower Estimates Ahead - Benzinga
- Benzinga Mid-Afternoon Market Update - Benzinga
- Marvell Technology Group Stock Hits New 52-Week Low (MRVL) - TheStreet.com
- UPDATE: Credit Suisse Downgrades Marvell Technology Group to Neutral on Pre-Announcement - Benzinga
- UPDATE: ACI Research Upgrades Marvell Technology Group to Hold on Windows 8 Transition - Benzinga
- Semiconductors Stocks, Including NXP, Making Big Moves on October 19, 2012 - Investopedia
- UPDATE: FBR Capital Markets Downgrades Marvell Technology Group to Market Perform on Risks - Benzinga
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