Marvell Q2 Forecasted Results, Support at $18 (MRVL)

Marvell forecast second quarter results above Wall Street estimates at Thursday’s closing. The MRVL stock is trading just above the support level at $18, which has not only been a resistance level in  September 2010 but also in June 2008 making it a quite important level. Since the stock news is favorable for the fables semiconductor provider, the traders might expect an uptrend the next days. However the stock has failed to reach for higher prices ($23 4-year high) after a strong upwards trend started in 2009, indicating lost buyers’ power.