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Possible Bearish Inside Day Candle Pattern Detected for Marathon Oil (NYSE:MRO)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Marathon Oil (NYSE:MRO) based on the price action in the company's shares. Today's price range of $16.16 and $16.61 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Marathon Oil may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Marathon Oil Corporation, through its subsidiaries, is an integrated oil firm with operations worldwide. The Company explores for and produces and markets liquid hydrocarbons and natural gas on a worldwide basis. Marathon also mines, extracts and transports bitumen from oil sands deposits in Alberta, Canada and refines, markets and transports crude oil and petroleum products.

Over the past year, Marathon Oil has traded in a range of $6.52 to $31.53 and is now at $16.24, 149% above that low. The 200-day and 50-day moving averages have moved 1.52% lower and 3.97% higher over the past week, respectively.

Marathon Oil (NYSE:MRO) has potential upside of 44.6% based on a current price of $16.24 and analysts' consensus price target of $23.49. The stock should discover initial support at its 200-day moving average (MA) of $14.19 and subsequent support at its 50-day MA of $11.58.

SmarTrend recommended that subscribers consider buying shares of Marathon Oil on August 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.39. Since that recommendation, shares of Marathon Oil have risen 16.3%. We continue to monitor MRO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Marathon Oil

Ticker(s): MRO