MPC closes within previous day's range after lackluster session
Marathon Petroleum (MPC) Technical Analysis Report for Sep 14, 2018
MPC finished the week 2.22% higher at 84.34 after gaining $0.25 (0.3%) today on low volume. Today's closing price of 84.34 marks the highest close since Inception. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Friday's trading range was $0.86 (1.02%), that's far below last trading month's daily average range of $1.72. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 85.08. After having been unable to move above 84.54 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 84.74.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 85.22 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 82.87 where further sell stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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