Possible Bearish Inside Day Candle Pattern Detected for Marathon Oil (NYSE:MRO)
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 $14.50 and $14.64 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 60.8% exists for Marathon Oil, based on a current level of $14.61 and analysts' average consensus price target of $23.49. The stock should find initial support at its 200-day moving average (MA) of $14.19 and further support at its 50-day MA of $11.58.
In the past 52 weeks, shares of Marathon Oil have traded between a low of $6.52 and a high of $31.53 and are now at $14.61, which is 124% above that low price. The 200-day and 50-day moving averages have moved 1.52% lower and 3.97% higher over the past week, respectively.
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