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

By Amy Schwartz

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 $56.60 and $56.90 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.

In the past 52 weeks, Marathon Petrole share prices have been bracketed by a low of $43.96 and a high of $69.65 and closed yesterday at $57.69, 31% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.2%.

Potential upside of 54.8% exists for Marathon Petrole, based on a current level of $57.69 and analysts' average consensus price target of $89.28. Marathon Petrole shares should encounter resistance at the 50-day moving average (MA) of $57.82 and support at its 200-day MA of $56.16.

Marathon Petroleum Corporation operates as a crude oil refining company. The Company refines, supplies, markets, and transports petroleum products. Marathon Petroleum serves customers in the United States.

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: bullish am inside day candle marathon petrole

Ticker(s): MPC