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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Marathon Petrole (NYSE:MPC) based on the price action in the company's shares. Yesterday's price range of $58.93 and $60.22 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. Owners of Marathon Petrole may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Marathon Petrole (NYSE:MPC) has potential upside of 51.0% based on a current price of $59.13 and analysts' consensus price target of $89.28. Marathon Petrole shares have support at the 50-day moving average (MA) of $57.83 and additional support at the 200-day MA of $56.17.

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.

Over the past year, Marathon Petrole has traded in a range of $43.96 to $69.65 and closed yesterday at $59.13, 35% above that low. The 200-day and 50-day moving averages have moved 0.04% lower and 0.2% lower over the past week, respectively.

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: bearish am inside day candle marathon petrole

Ticker(s): MPC