MPC pushes through Wednesday's high

Marathon Petroleum Corporation (MPC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


MPC closes higher for the 3rd day in a row
MPC pushes through Wednesday's high


Moving higher for the 3rd day in a row, MPC finished Thursday at 23.14 gaining $2.03 (9.62%), significantly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 22.33, the stock confirmed its breakout through the previous session high after trading up to $2.53 above it intraday.

Daily Candlestick Chart (MPC as at Mar 26, 2020):

Daily technical analysis candlestick chart for Marathon Petroleum Corporation (MPC) as at Mar 26, 2020

Thursday's trading range has been $2.78 (12.49%), that's below the last trading month's daily average range of $3.46. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MPC.

Although the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Marathon Petroleum. Out of 147 times, MPC closed higher 55.78% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.54% with an average market move of 1.56%.

Market Conditions for MPC as at Mar 26, 2020

Loading Market Conditions for MPC (Marathon Petroleum Corporation)...
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