MRO closes within previous day's range after lackluster session
Marathon Oil Corporation (MRO) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
MRO ended Tuesday at 17.47 gaining $0.09 (0.52%), slightly outperforming the S&P 500 (0.05%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (MRO as at Apr 16, 2019):
Tuesday's trading range has been $0.33 (1.88%), that's below the last trading month's daily average range of $0.47. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MRO.
Prices are trading close to the key technical resistance level at 17.79 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 17.94 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 17.06 where further sell stops could get triggered. As prices are trading close to April's low at 16.79, downside momentum might speed up should Marathon Oil mark new lows for the month.