MPC dominated by bulls lifting the market higher throughout the day


Marathon Petroleum (MPC) Technical Analysis Report for Apr 16, 2018 [< 1 min read]
Highlights
MPC rallies 3.93% closing $2.93 higher
MPC dominated by bulls lifting the market higher throughout the day
MPC closes higher for the 5th day in a row
MPC ends the day on a bullish note closing near the high of the day
MPC pushes through previous session high
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

Moving higher for the 5th day in a row, MPC finished Monday at 77.52 surging $2.93 (3.93%). This is the biggest single day gain in over a year. Today's closing price of 77.52 marks the highest close since Inception. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 75.00, the market confirms its breakout through the previous session's high having traded $2.92 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for MPC
Volatility

Monday's trading range was $3.14 (4.19%), that's far above last trading month's daily average range of $1.85. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Marathon Petroleum
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
High close to previous High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

MPC pushes through key resistance level

Jul 18, 2018
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