MRO still stuck within tight trading range
Marathon Oil Corporation (MRO) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
MRO finished Thursday at 3.88 gaining $0.30 (8.38%), notably outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 3.87, the share confirmed its breakout through the previous session high after trading up to $0.19 above it intraday.
Daily Candlestick Chart (MRO as at Mar 26, 2020):
Thursday's trading range has been $0.46 (12.33%), that's slightly below the last trading month's daily average range of $0.63. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for MRO. Prices continued to consolidate within a tight trading range between 3.31 and 4.06 where it has been caught now for the whole last trading week.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 3.41 where further sell stops could get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Marathon Oil. Out of 375 times, MRO closed lower 53.33% 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 eight trading days, showing a win rate of 46.67% with an average market move of -0.16%.