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Next Resistance Level for Marathon Oil (MRO) is $11.59

By Shiri Gupta

Marathon Oil (NYSE:MRO) has opened bullishly above the pivot of $11.23 today and has reached the first level of resistance at $11.43. Should the shares continue to rise, the resistance pivots of $11.59 and $11.95 will be of interest.

Over the past year, Marathon Oil has traded in a range of $10.55 to $19.28 and is now at $11.43, 8% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 4.0% while the 200-day MA has slid 1.5%.

Potential upside of 60.6% exists for Marathon Oil, based on a current level of $11.43 and analysts' average consensus price target of $18.36. The stock should find initial resistance at its 50-day moving average (MA) of $11.58 and further resistance at its 200-day MA of $14.19.

SmarTrend recommended that its subscribers protect gains by selling shares of Marathon Oil on February 7th, 2017 by issuing a Downtrend alert when the shares were trading at $16.09. Since that call, shares of Marathon Oil have fallen 30.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: pivot alerts Marathon Oil

Ticker(s): MRO