SIACharts Logo

Commentary >

Marathon Petroleum Corp. - (MPC) - July 19, 2021 

Marathon Petroleum (MPC) dropped out of the green zone in the SIA S&P 500 Index Report on Friday in the yellow neutral zone as falling oil prices weighed on energy stocks. The shares finished last week in 152nd place, down 25 spots on the day and down 115 places in the last month.

The recovery trend in Marathon Petroleum (MPC) shares which started with a breakaway gap last October, appears to have run out of steam for now. The shares were unable to overcome previous resistance near $65.00 last month. In the last two weeks, the shares appear to have come under distribution, falling on increasing volumes, snapping an uptrend line and diving back under $60.00.

Next potential downside support remains in place near the $50.00 round number, were success or failure may determine whether this is a common correction, or if a new downtrend has started. Next support on a breakdown appears near $42.50, initial resistance on a rebound appears near $58.00.

A recent breakout by Marathon Petroluem (MPC) shares over $63.40 turned out to be a short-lived fakeout as the shares have since rolled down into a column of Os and into a bearish High Pole Warning pattern.

Initial downside support is currently in place above $51.00. A break of that level would complete a bearish triple bottom pattern and signal the start of a new downtrend with next potential support near $48.00. Initial resistance on a bounce appears near $58.60 based on a 3-box reversal and a previous resistance level.

With a bearish SMAX score of 5, MRO is exhibiting weakness across the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.