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

By David Diaz

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 $72.23 and $73.09 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 (NYSE:MPC) has potential upside of 13.0% based on a current price of $72.88 and analysts' consensus price target of $82.37. The stock should find initial support at its 200-day moving average (MA) of $45.71 and further support at its 50-day MA of $37.66.

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 $73.88 and a 52-week low of $32.84 and are now trading 122% above that low price at $72.88 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 0.9%.

SmarTrend recommended that subscribers consider buying shares of Marathon Petrole on February 15th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $67.85. Since that recommendation, shares of Marathon Petrole have risen 7.9%. We continue to monitor MPC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle marathon petrole

Ticker(s): MPC