MRO finds buyers again around 15.39
Marathon Oil Corporation (MRO) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, MRO ended Wednesday at 15.55 gaining $0.10 (0.65%) on high volume, slightly outperforming the S&P 500 (0.3%) ahead of today's earnings report. Trading $0.31 higher after the open, Marathon Oil was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (MRO as at Feb 13, 2019):
MRO is set to report earnings after today's market close. For the upcoming report, analysts expect the company to have earned $0.13 per share. The company's last earnings report was released on Nov. 7, 2018, when Marathon Oil Corporation reported earnings of $0.24 per share surpassing market expectations by 20.0%.
Wednesday's trading range has been $0.49 (3.15%), that's above the last trading month's daily average range of $0.41. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for MRO.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Additionally, four candlestick patterns are matching today's price action, the Gravestone Doji which is known as bearish pattern and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Gravestone Doji showed up on October 31, 2018, MRO lost -2.00% on the following trading day.
After having been unable to move lower than 15.40 in the previous session, the market found buyers again around the same price level today at 15.39.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's high at 16.42, upside momentum could speed up should the share be able to break out to new highs for the year.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Stock Earning Report based market condition "Trading Day before Earnings Report" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for Marathon Oil. Out of 25 times, MRO closed lower 64.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 64.00% with an average market move of -0.24%.