MPC has formed a little and a larger inverse H&S both along an uptrend in green
Using this Inverse H&S assumption we can conclude that price will return to the green trend line to form the right shoulder of the larger H&S
$7 a gallon gasoline here in California, layoffs have begun, 6.5-7% interest rates on a 30 year mortgage, demand will slow as the layoffs pick up speed and worldwide slowdown has begun. Too many have been crowding the energy trades and longer term oil will be much lower. MPC has experienced a dead cat bounce likely nothing more....
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...
