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 $14.86 and $15.07 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.
Potential upside of 57.9% exists for Marathon Oil, based on a current level of $14.88 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 $14.88, which is 128% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has advanced 4.0%.
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.
SmarTrend is monitoring the recent change of momentum in Marathon Oil. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Marathon Oil in search of a potential trend change.
Keywords: bearish inside day candle Marathon Oil