MPC finds buyers again around 80.33
Marathon Petroleum Corporation (MPC) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
MPC finished the week 2.33% higher at 80.93 after gaining $0.18 (0.22%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (MPC as at Aug 10, 2018):
Friday's trading range was $0.91 (1.13%), that's below last trading month's daily average range of $1.66. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
After having been unable to move lower than 80.45 in the previous session, Marathon Petroleum found buyers again around the same price level today at 80.33.
While the share is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
Buying might accelerate should prices move above the close-by swing high at 82.18 where further buy stops could get triggered. With prices trading close to this year's high at 83.33, upside momentum might speed up should the stock be able to break out to new highs for the year. Further buying could move prices higher should the market test July's nearby high at 82.61.