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

By James Quinn

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 $12.67 and $12.87 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.

Potential upside of 73.3% exists for Marathon Oil, based on a current level of $12.78 and analysts' average consensus price target of $22.14. Marathon Oil shares should encounter resistance at the 200-day moving average (MA) of $14.19 and support at the 50-day MA of $11.58.

Marathon Oil share prices have moved between a 52-week high of $31.53 and a 52-week low of $6.52 and are now trading 96% above that low price at $12.78 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has advanced 4.0%.

SmarTrend recommended that its subscribers protect gains by selling shares of Marathon Oil on February 7th, 2017 by issuing a Downtrend alert when the shares were trading at $16.09. Since that call, shares of Marathon Oil have fallen 19.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Marathon Oil

Ticker(s): MRO