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

By David Diaz

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. Yesterday's price range of $15.68 and $16.15 is within the prior day'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.

Marathon Oil share prices have moved between a 52-week high of $19.52 and a 52-week low of $10.55 and closed yesterday at 50% above that low price at $15.84 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 4.0% while the 200-day MA has slid 1.5%.

Potential upside of 35.6% exists for Marathon Oil, based on a current level of $15.84 and analysts' average consensus price target of $21.48. 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 its subscribers protect gains by selling shares of Marathon Oil on February 5th, 2018 by issuing a Downtrend alert when the shares were trading at $16.99. Since that call, shares of Marathon Oil have fallen 4.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle Marathon Oil

Ticker(s): MRO