Marathon Petroleum Nears Breakout Level
Marathon Petroleum has been quietly sitting below resistance, and now could be approaching a breakout.
The first important feature on the oil refiner’s chart is Thursday’s pullback to its 50-day simple moving average (SMA). Buyers immediately defended this level, which MPC battled for five weeks in August and September.
It’s also noteworthy that prices bounced around the June high of $64.84. Is old resistance new support?
Next you have the large outside candle on November 2. While bearish on the surface, it occurred because the shares jumped on a strong quarterly report. They were overbought at the time, but over the longer run investors may be more interested in the consensus-beating profit and revenue numbers.
Finally consider the line around $69, which is near the peaks of October 2019 and last month. That may create the potential for a move if prices break out.
This could be especially interesting given the macro backdrop, with increased travel as the economy reopens. Energy is also the best performing sector in 2021. Will there be bandwagon buying into the holidays and window dressing into yearend?
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
The first important feature on the oil refiner’s chart is Thursday’s pullback to its 50-day simple moving average (SMA). Buyers immediately defended this level, which MPC battled for five weeks in August and September.
It’s also noteworthy that prices bounced around the June high of $64.84. Is old resistance new support?
Next you have the large outside candle on November 2. While bearish on the surface, it occurred because the shares jumped on a strong quarterly report. They were overbought at the time, but over the longer run investors may be more interested in the consensus-beating profit and revenue numbers.
Finally consider the line around $69, which is near the peaks of October 2019 and last month. That may create the potential for a move if prices break out.
This could be especially interesting given the macro backdrop, with increased travel as the economy reopens. Energy is also the best performing sector in 2021. Will there be bandwagon buying into the holidays and window dressing into yearend?
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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