New York, January 29th (TradersHuddle.com) - Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL) closed the session at $9.42 just above calculated resistance at $9.38. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
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.
The stock was trading in a well defined range with support at $6.98 and resistance at $9.38. Given that this range was broken, traders will be closely monitoring Marvell's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Marvell is still near the broken resistance level, traders will be focusing on the $9.38 level to see if the stock holds the breakout without rolling over.
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