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Marathon Oil (MRO) Approaches New Downside Target of $17.20

By Shiri Gupta

Marathon Oil (NYSE:MRO) has opened bearishly below the pivot of $17.31 today and has reached the first level of support at $17.25. Analysts will be watching for a cross of the next downside pivot targets of $17.20 and $17.09.

Potential upside of 30.3% exists for Marathon Oil, based on a current level of $17.18 and analysts' average consensus price target of $22.39. The stock should find resistance at its 200-day moving average (MA) of $18.77, as well as support at its 50-day MA of $16.17.

In the past 52 weeks, Marathon Oil share prices have been bracketed by a low of $12.57 and a high of $24.20 and are now at $17.18, 37% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has slid 0.5%.

SmarTrend recommended that subscribers consider buying shares of Marathon Oil on January 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.11. Since that recommendation, shares of Marathon Oil have risen 14.2%. We continue to monitor MRO for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: pivot alerts Marathon Oil

Ticker(s): MRO