Marvell Technology Is Being Tested
Marvell Technology Group (MRVL) makes integrated circuits used in hard disk drives. The stock has trended higher off its August 2011 low, up over 37% earlier in the year, but the support line that defined the move is being tested and is in danger of failing.
The weekly chart shows the stock price contained for over a year under the 50% retracement level of the 2011 range. A break from a triangle consolidation at the end of last year powered a retest of the retracement level. The breakout attempt failed, and Marvell pulled back, entering a second triangle consolidation, which is currently testing the support line of the move off the 2011 low....294 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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