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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. Today's price range of $12.67 and $12.82 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.

There is potential upside of 43.8% for shares of Marathon Oil based on a current price of $12.77 and an average consensus analyst price target of $18.36. 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 $19.28 and a 52-week low of $11.20 and are now trading 14% above that low price at $12.77 per share. Over the past week, 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 19.8%. 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