With the Energy sector attracting renewed interest this week, Marathon Oil (MRO) has returned to the Green Favored Zone of the SIA S&P500 Index report for the first time since June. The shares climbed 13 spots yesterday and are up 56 places in the last month.
A long-term downtrend in Marathon Oil (MRO) shares bottomed out back in March, and since then, a bullish Ascending Triangle base had been forming. Accumulation has resumed since the shares bottomed out at a higher low near $3.50 back in October. Yesterday, the shares completed the bullish triangle base with a breakout over $8.50 which confirms that a new recovery trend has commenced.
Initial upside resistance appears at a downtrend line near $9.00, followed by the $10.00 round number, a previous support level near $10.90 and hen $13.50 where a measured move and the top of an old range converge. Initial support appears near $8.00.
Marathon Oil (MRO) shares have been under renewed accumulation since October. Yesterday, they staged a significant breakout, clearing its June high near $8.50 to complete a building phase to trade at its highest level since February and confirm the start of a new uptrend.
Next potential upside resistance for MRO appears at a downtrend line near $9.60, then the $10.00 round number and the $10.60 to $11.00 range which is based on vertical counts and previous column lows. Initial support appears near $7.90 based on a 3-box reversal.
With a perfect SMAX score of 10, MRO is exhibiting near-term strength against 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.