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

By James Quinn

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 $10.89 and $11.01 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.

In the past 52 weeks, shares of Marathon Oil have traded between a low of $10.55 and a high of $19.28 and are now at $10.94, which is 4% above that low price. 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%.

Marathon Oil (NYSE:MRO) has potential upside of 67.9% based on a current price of $10.94 and analysts' consensus price target of $18.36. The stock should find initial resistance at its 50-day moving average (MA) of $11.58 and further resistance at its 200-day MA of $14.19.

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 31.5%. 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