• Return to Headlines

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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Marathon Petrole (NYSE:MPC) based on the price action in the company's shares. Yesterday's price range of $58.32 and $58.56 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 Petrole 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 Petrole share prices have moved between a 52-week high of $69.65 and a 52-week low of $43.96 and closed yesterday at 31% above that low price at $57.48 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.9%.

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.

Marathon Petrole has overhead space with shares priced $57.48, or 35.6% below the average consensus analyst price target of $89.28. Marathon Petrole shares should encounter resistance at the 50-day moving average (MA) of $61.18 and support at its 200-day MA of $56.78.

SmarTrend recommended that its subscribers protect gains by selling shares of Marathon Petrole on November 19th, 2019 by issuing a Downtrend alert when the shares were trading at $62.81. Since that call, shares of Marathon Petrole have fallen 7.4%. 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 petrole

Ticker(s): MPC