MPC climbs to highest close since April 27th
Marathon Petroleum Corporation (MPC) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
MPC ended Thursday at 80.71 surging $3.98 (5.19%). This is the biggest single day gain in over two years. Today's closing price of 80.71 marks the highest close since April 27th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 77.27, Marathon Petroleum confirms its breakout through the prior session's high having traded $3.65 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (MPC as at May 17, 2018):
Thursday's trading range was $3.68 (4.74%), that's far above last trading month's daily average range of $2.39. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Breaking through the key resistance level at 78.64 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 81.63.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The market managed to break above the 20-day moving average at 77.94 today for the first time since May 14th.
With prices trading close to this year's high at 83.27, upside momentum might accelerate should the share be able to break out to new highs for the year.