MPC dominated by bulls lifting the market higher throughout the day
Marathon Petroleum (MPC) Technical Analysis Report for Apr 16, 2018
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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