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Possible Bullish Inside Day Candle Pattern Detected for Marathon Oil (NYSE:MRO)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Marathon Oil (NYSE:MRO) based on the price action in the company's shares. Yesterday's price range of $18.39 and $19.05 is within the prior day'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. Traders and investors interested in shares of Marathon Oil may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 19.2% for shares of Marathon Oil based on a current price of $18.79 and an average consensus analyst price target of $22.39. The stock should run into initial resistance at its 200-day moving average (MA) of $19.38 and subsequent resistance at its 50-day MA of $21.25.

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.

In the past 52 weeks, Marathon Oil share prices have been bracketed by a low of $13.28 and a high of $24.20 and closed yesterday at $18.79, 41% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Marathon Oil on October 11th, 2018 by issuing a Downtrend alert when the shares were trading at $20.54. Since that call, shares of Marathon Oil have fallen 10.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle Marathon Oil

Ticker(s): MRO