MRO stuck within tight trading range
Marathon Oil Corp. (MRO) Technical Analysis Report for Aug 10, 2018
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 Candlestick Chart (MRO as at Aug 10, 2018):
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.
Despite a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
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.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Further selling could move prices lower should the market test July's close-by low at 19.41.