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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 $52.77 and $53.65 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.

Marathon Petrole has overhead space with shares priced $53.17, or 15.6% below the average consensus analyst price target of $63.00. Marathon Petrole shares have support at the 200-day moving average (MA) of $45.71 and additional support at the 50-day MA of $37.66.

Marathon Petrole share prices have moved between a 52-week high of $56.81 and a 52-week low of $32.84 and are now trading 62% above that low price at $53.17 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has advanced 1.0%.

Marathon Petroleum Corporation operates as an oil and gas exploration company. The Company acquires, explores, produces, and supplies petroleum products. Marathon Petroleum serves customers in the United States.

SmarTrend is monitoring the recent change of momentum in Marathon Petrole. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Marathon Petrole in search of a potential trend change.

Keywords: bearish inside day candle marathon petrole

Ticker(s): MPC