maschera

MPC - 6.02% Potential Profit - Bullish Pennant

Long
NYSE:MPC   MARATHON PETROLEUM CORP
Clear uptrend Support with a Bullish Pennant forming and price about to break-out.

Target price set at a new potential resistance line. Once broken, it might have the potential for a greater run.

- 5-month uptrend
- RSI above 50
- STOCH approaching 50
- MACD above Signal

Suggested Entry $39.35
Suggested Stop Loss $38.61
Target price $41.72

Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
Comment: I suggest waiting for the price to bounce off and confirm the new resistance line before placing a Limit Order.
Order cancelled: I ended up taking a short position and profit from it (chart published in a more recent idea).

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out