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Shares of Marvell Technology Under Pressure, Down 1.6%

Published on Wed, 02/13/2013 - 13:18
By Adrienne Chilton

Down 1.6% to $9.30, Marvell Technology (NASDAQ:MRVL), is one of today's notable movers. The Dow Jones Industrial Average is now trading 0.3% lower to 13,978 and the S&P is trading fractionally higher to 1,520.

Over the past year, Marvell Technology has traded in a range of $6.98 to $16.86 and is now at $9.30, 33% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 0.7%.

Marvell Technology has overhead space with shares priced $9.30, or 0.4% below the average consensus analyst price target of $9.33. The stock should find resistance at its 200-day moving average (MA) of $10.16, as well as support at its 50-day MA of $8.61.

Marvell Technology Group Ltd. designs, develops, and markets integrated circuits for communications-related markets. The Company's products provide the interface between analog signals and the digital information used in computing and communications systems. Marvell's technology is applied to the broadband data communications market.

By Adrienne Chilton