MRO stuck within tight trading range


Marathon Oil Corp. (MRO) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
MRO pushes through key resistance level
MRO finds buyers around 19.98 for the third day in a row
MRO dominated by bulls lifting the market higher throughout the day
MRO ends the day on a bullish note closing near the high of the day
MRO pushes through previous session high
TQ Sentiment
Report Sentiment: 85% Bullish
Technical Forecast:
Overview

MRO ended the week -0.78% lower at 20.38 after gaining $0.29 (1.44%) today on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 20.29, the stock confirms its breakout through the prior session's high having traded $0.16 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 MRO
Volatility

Friday's trading range was $0.47 (2.34%), that's slightly below last trading month's daily average range of $0.62. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 19.96 and 20.61 which it has been in now for the last three days.

Price Action

Despite a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 20.25 today, it is now likely to act as support going forward. The share found buyers again today around 19.98 for the third trading day in a row after having found demand at 19.96 in the prior session and at 19.96 two days ago.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Further selling could move prices lower should the market test July's close-by low at 19.41.

Conclusion

Even though both sentiments are bullish for the next trading day, our quantitative statistics are only bullish while the classical technical analysis metrics show a very bullish sentiment.

Market Conditions for Marathon Oil Corp.
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Bearish Break through SMA 100 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
Black Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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