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

By Nick Russo

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 $11.75 and $11.94 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.

In the past 52 weeks, Marathon Oil share prices have been bracketed by a low of $11.06 and a high of $21.27 and closed yesterday at $11.93, 8% above that low price. The 200-day and 50-day moving averages have moved 0.24% lower and 0.37% lower over the past week, respectively.

Marathon Oil has overhead space with shares priced $11.93, or 46.7% below the average consensus analyst price target of $22.39. The stock should run into initial resistance at its 50-day moving average (MA) of $12.27 and subsequent resistance at its 200-day MA of $14.69.

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 am inside day candle Marathon Oil

Ticker(s): MRO