MRO breaks back above 50-day moving average
Marathon Oil Corporation (MRO) Technical Analysis Report for Dec 04, 2019 | by Techniquant Editorial Team
MRO ended Wednesday at 12.17 surging $0.41 (3.49%), significantly outperforming the S&P 500 (0.63%). This is the biggest single-day gain in over a month.
Daily Candlestick Chart (MRO as at Dec 04, 2019):
Wednesday's trading range has been $0.39 (3.26%), that's slightly above the last trading month's daily average range of $0.37. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MRO.
One bullish candlestick pattern matches today's price action, the White Candle.
Marathon Oil managed to close back above the 50-day moving average at 11.86. When this moving average was crossed above the last time on Monday, MRO actually lost -1.67% on the following trading day. Prices are trading close to the key technical resistance level at 12.44 (R1).
Though the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for Marathon Oil. Out of 85 times, MRO closed higher 56.47% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 52.94% with an average market move of 0.42%.