Marvell Is Moving Above Resistance
Published on Tuesday, 29 January 2013 07:52 Written by TradersHuddle Wire
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.
- 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
- Advanced Micro Devices - Top Performer Semiconductor
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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