nodiggity

Cash in: No hold weekend for me

NYSE:MPC   MARATHON PETROLEUM CORP
No reason to hold anything over the weekend unless you have to. Something smelly about the markets. I can feel the SPY             wanting to sell.

MPC             rallied up testing 37.00 fib level. It tested that level and it did not breach. The chart indicates overall bullish . It has/is building a nice $35 floor for itself. THE MODEL HAS NOT BEEN RE-DRAWN AND MPC             IS TRADING PER THOSE FIB LEVELS SINCE MY FIRST MPC             FIB POST. You can put a strangle on at 37.00 and 35.00 if you can afford to be that close to the money, but my money is better off elsewhere.

Now, if it rallies to $37.80, that'd make a nice cup formation. MPC             has history of cup-and-handle breakout (see older chart).

Now, if you have followed my posts, you will have noticed me repeatedly saying that MPC             has a history of bucking the SPY             . It has. With that said, it's outside my own personal risk appetite.

Have a good weekend!
Trade closed: target reached: Re-visiting another post on this stock. I hope you made money.
If you took profits before that weekend, good for you! This is a short week. I am not trading this week just because of lack of liquidity = more volatility than I need. Unless all the data coming in this week is fantastic, we are selling (SPY). In a broad market sell-off, my bearish plays would elsewhere. There are many overvalued stocks to pick from this week that will be shorted. So make your list, and check it thrice!
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
中国
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out