Marathon Petroleum has moved sideways since the summer, but some traders may think the refinery stock will start running.
The first pattern on today’s chart is the April 2023 high of $138.83, a new record at the time. MPC rallied above it last summer and has remained there since. That may suggest a longer-term breakout is occurring.
Second, the stock has started making higher lows since early December. Are buyers taking control in the shorter term?
Third, MPC is potentially finding support at its 50- and 100-day simple moving averages (SMAs). That may be consistent with a longer-term uptrend.
Finally, you have a falling trendline along the weekly highs of early 2024. Closing above that resistance could be viewed as a potential breakout.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures or cryptocurrencies); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
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The first pattern on today’s chart is the April 2023 high of $138.83, a new record at the time. MPC rallied above it last summer and has remained there since. That may suggest a longer-term breakout is occurring.
Second, the stock has started making higher lows since early December. Are buyers taking control in the shorter term?
Third, MPC is potentially finding support at its 50- and 100-day simple moving averages (SMAs). That may be consistent with a longer-term uptrend.
Finally, you have a falling trendline along the weekly highs of early 2024. Closing above that resistance could be viewed as a potential breakout.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Important Information
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures or cryptocurrencies); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission (“SEC”) and a futures commission merchant licensed with the Commodity Futures Trading Commission (“CFTC”). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association (“NFA”), and a number of exchanges. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services under federal and state money services business/money-transmitter and similar registrations and licenses.
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a member of NFA. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit www.TradeStation.com...isclosureTSCompanies for further important information explaining what this means.
