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Possible Bearish Inside Day Candle Pattern Detected for Marathon Petrole (NYSE:MPC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Marathon Petrole (NYSE:MPC) based on the price action in the company's shares. Today's price range of $59.85 and $60.10 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 Petrole may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Marathon Petrole has traded in a range of $43.96 to $69.65 and is now at $60.01, 37% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has remained constant.

Marathon Petroleum Corporation operates as a crude oil refining company. The Company refines, supplies, markets, and transports petroleum products. Marathon Petroleum serves customers in the United States.

Potential upside of 48.8% exists for Marathon Petrole, based on a current level of $60.01 and analysts' average consensus price target of $89.28. Marathon Petrole shares have support at the 50-day moving average (MA) of $57.82 and additional support at the 200-day MA of $56.17.

SmarTrend is tracking the current trend status for Marathon Petrole and will alert subscribers who have MPC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle marathon petrole

Ticker(s): MPC