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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 $17.63 and $17.66 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 is an independent international energy company. The Company engaged in exploration and production, oil sands mining, and integrated gas. Marathon Oil serves customers globally.

Over the past year, Marathon Oil has traded in a range of $12.57 to $24.20 and is now at $17.66, 40% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 0.5%.

Marathon Oil (NYSE:MRO) has potential upside of 26.8% based on a current price of $17.66 and analysts' consensus price target of $22.39. The stock should find resistance at its 200-day moving average (MA) of $18.33, as well as support at its 50-day MA of $16.90.

SmarTrend is tracking the current trend status for Marathon Oil and will alert subscribers who have MRO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Marathon Oil

Ticker(s): MRO