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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 $11.61 and $11.74 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.

There is potential upside of 91.1% for shares of Marathon Oil based on a current price of $11.72 and an average consensus analyst price target of $22.39. The stock should find initial resistance at its 50-day moving average (MA) of $12.29 and further resistance at its 200-day MA of $14.71.

Over the past year, Marathon Oil has traded in a range of $11.06 to $21.27 and is now at $11.72, 6% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1%.

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.

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

Ticker(s): MRO