maschera
Short

MPC - 8.83% or 32.75% Profit Potential - Bearish Pennant

NYSE:MPC   MARATHON PETROLEUM CORP
Bearish Pennant formed out of a 2-month correction.

Target price set at new potential 2-month Support bounce. If we break through this new support line, rather than bouncing at $33.47, there is a possibility to hit a 2-year downtrend support line at $23.71.

- Historical Downtrend (1 year)
- RSI and STOCH below 50
- MACD below Signal

Suggested Entry $36.04
Suggested Stop Loss $37.15
Target price $33.47 (moderate) or $23.71 (aggressive)

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.
Trade closed: target reached: 2.42% profit

Comments

Thoughts now as it’s hitting a support level? Think it’ll bounce hard like it has before?
Reply
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