After selling off for four consecutive sessions to end the week, Marvell Technology Group (NASDAQ: MRVL) likely was among the stocks that traders and active investors were least inclined to think about buying. As of Friday’s close, MRVL had dropped by nearly 7% over the course of the week.
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1. Marvell Technology Group (NASDAQ: MRVL)
Down nearly 3% ahead of trading on Tuesday, shares of Marvell Technology Group have finished lower for four days in a row and are now technically oversold above the 200-day moving average. The stock is only recently above that level, having climbed into bull market territory a little over a week ago.
MRVL traded lower for a fifth day, the stock’s second consecutive finish in technically oversold territory. And by then buyers had seen enough, moving into the market swiftly the very next session and sending Marvell Technology Group higher for the next four days in a row. The stock gained well over 9% in that surge, rallying to a new, short-term high.
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