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

By Shiri Gupta

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 $4.00 and $4.22 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. 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.

Marathon Oil share prices have moved between a 52-week high of $18.93 and a 52-week low of $3.02 and closed yesterday at 29% above that low price at $3.89 per share. The 200-day and 50-day moving averages have moved 1.79% lower and 8.45% lower over the past week, respectively.

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.

Marathon Oil has overhead space with shares priced $3.89, or 82.6% below the average consensus analyst price target of $22.39. Marathon Oil shares should first meet resistance at the 50-day moving average (MA) of $6.44 and find additional resistance at the 200-day MA of $11.04.

SmarTrend is tracking the current trend status for Marathon Oil and will alert subscribers who have MRO in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Marathon Oil

Ticker(s): MRO