MRO finds buyers again around 4.35
Marathon Oil Corporation (MRO) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
MRO finished Wednesday at 4.56 gaining $0.22 (5.07%) on high volume, significantly outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 4.50, the share confirmed its breakout through the prior session high after trading up to $0.17 above it intraday.
Daily Candlestick Chart (MRO as at Sep 16, 2020):
Wednesday's trading range has been $0.32 (7.24%), that's far above the last trading month's daily average range of $0.21. 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 higher than usual for MRO.
After having been unable to move lower than 4.32 in the previous session, the market found buyers again around the same price level today at 4.35. The last time this happened on Monday, MRO actually lost -1.36% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 4.32 where further sell stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Marathon Oil. Out of 497 times, MRO closed higher 50.70% 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 51.11% with an average market move of 0.26%.