MPC rallied up testing 37.00 fib level. It tested that level and it did not breach. The chart indicates overall . 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!