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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 $15.61 and $15.95 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.

Marathon Oil Corporation, through its subsidiaries, is an integrated oil firm with operations worldwide. The Company explores for and produces and markets liquid hydrocarbons and natural gas on a worldwide basis. Marathon also mines, extracts and transports bitumen from oil sands deposits in Alberta, Canada and refines, markets and transports crude oil and petroleum products.

Over the past year, Marathon Oil has traded in a range of $6.52 to $31.53 and closed yesterday at $15.72, 141% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has advanced 4.0%.

Marathon Oil has overhead space with shares priced $15.72, or 33.1% below the average consensus analyst price target of $23.49. The stock should find initial support at its 200-day moving average (MA) of $14.19 and further support at its 50-day MA of $11.58.

SmarTrend recommended that subscribers consider buying shares of Marathon Oil on August 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $14.39. Since that recommendation, shares of Marathon Oil have risen 8.1%. We continue to monitor MRO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Marathon Oil

Ticker(s): MRO