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Possible Bullish Inside Day Candle Pattern Detected for Marathon Oil (NYSE:MRO)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Marathon Oil (NYSE:MRO) based on the price action in the company's shares. Yesterday's price range of $3.31 and $3.48 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 Oil may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 580.6% exists for Marathon Oil, based on a current level of $3.29 and analysts' average consensus price target of $22.39. Marathon Oil shares should first meet resistance at the 50-day moving average (MA) of $8.21 and find additional resistance at the 200-day MA of $11.60.

Marathon Oil Corporation is an independent international energy company. The Company engaged in exploration and production, oil sands mining, and integrated gas. Marathon Oil serves customers globally.

In the past 52 weeks, shares of Marathon Oil have traded between a low of $3.16 and a high of $18.93 and closed yesterday at $3.29, which is 4% above that low price. The 200-day and 50-day moving averages have moved 1.24% lower and 6.72% lower over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Marathon Oil on January 23rd, 2020 by issuing a Downtrend alert when the shares were trading at $12.17. Since that call, shares of Marathon Oil have fallen 73.4%. 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 Oil

Ticker(s): MRO