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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Marathon Petrole (NYSE:MPC) based on the price action in the company's shares. Yesterday's price range of $59.99 and $61.09 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 Petrole 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 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 (NYSE:MPC) has potential upside of 46.2% based on a current price of $61.05 and analysts' consensus price target of $89.28. The stock should find initial resistance at its 50-day moving average (MA) of $62.85 and further resistance at its 200-day MA of $70.24.

Marathon Petrole share prices have moved between a 52-week high of $88.45 and a 52-week low of $54.29 and closed yesterday at 12% above that low price at $61.05 per share. The 200-day and 50-day moving averages have moved 0.33% lower and 0.4% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Marathon Petrole on February 11th, 2019 by issuing a Downtrend alert when the shares were trading at $62.33. Since that call, shares of Marathon Petrole have fallen 4.0%. 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 petrole

Ticker(s): MPC