MPC
is a fantastic company, but is falling with the rest of the energy sector. Starting with the weekly chart: Its fallen out of the 12 month regression channel and is at the middle of the channel from where its uptrend began in the fall of 2020. The composite index is at the 3rd most oversold level on the weekly, prior being the covid low and the July 2022 low. The detrend price oscillator has not signaled a bottom on the weekly yet.
A look at the daily shows that AVWAPs from the beginning of recent uptrends are failing to act as support and immediately becoming resistance. If 167 doesn't hold we will likely see a move to the 147-157 range.
