BATS:MPC   Marathon Petroleum Corporation
Marathon Petroleum has been running since late January, and now it’s pulled back.

The first pattern on today’s chart of the refinery stock is the March high of $203.02. The stock tested that peak today. Traders may watch to see if it can turn old resistance into new support.

Second, MPC has pulled back to the rising 21-day exponential moving average. It offered support in February before prices surged to new record highs.

Finally consider the broader energy space. TradeStation Data shows it’s now the top performing sector this year. (Notice how the Energy Select Sector Index is pulling back toward long-term highs from 2022 and 2023.) In addition, MPC is the #8 performer in the entire S&P 500 index this year.

That kind of relative strength could reflect positive sentiment toward energy names in general.

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