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

By Shiri Gupta

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 $64.88 and $65.62 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 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.

Marathon Petrole share prices have moved between a 52-week high of $74.56 and a 52-week low of $43.96 and are now trading 48% above that low price at $64.94 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.8% while the 200-day MA has remained constant.

Potential upside of 37.5% exists for Marathon Petrole, based on a current level of $64.94 and analysts' average consensus price target of $89.28. Marathon Petrole shares have support at the 200-day moving average (MA) of $57.06 and additional support at the 50-day MA of $54.58.

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