Trading Methodology:
1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend.
2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point.
3. A trend-based...
$MPC is bucking the oil-down trend and has broken out above prior resistance (cyan line). Now, $MPC may run up into earnings on 7/25 to about 60. A standard vertical call spread is a great way to play that chance without taking much risk at all.
Clearly, moving averages show that MPC is headed towards increased gains. However, it is having a difficult time convincingly breaking through downward short-term resistance. Moreover, oscillators at the monthly chart suggest a sell as do oscillators for the daily chart, primarily RSI and momentum. However, if you look at the comparison between other ways to...
Bearish divergence on the Weekly in an ascending wedge looks like the 2 year bull run is coming to a close. Left shoulder and half the head has been made Buy with caution over the next year.
MPC is looking to breakout to new highs on the daily and weekly charts from the wedge formation. Also has completed an inverse head and shoulders pattern. Looking to continue upward toward the $92 mark, with a stop loss at $83.50
$MPC Marathon Petroleum - Headed for a close above neckline resistance. Expecting continued follow through into next week.
Medium term target $95-$100 area possible by next ER late October.
Note: Informational analysis, not investment advice.
A great reminder when posting an idea / realizing a setup has potential - chart duration should play a huge role in that lol. A lot can happen in 4 hours that can't happen in 30 min etc., I say this as I go over all old personal screenshots saved w/ this strategy to see what I missed, or if there was something shown for shorter duration charts that weren't...
Very bullish action here as we clear LT resistance and a big volume push on Friday headline. Sustained RSI helps confirm breakout. Entry would be long half position with a tight stop around 63 based on the daily chart:
Marathon Petroleum Corporation is engaged in refining, marketing, retail and transportation businesses in the United States and the largest east of the Mississippi. The Company operates through three segments: Refining & Marketing; Speedway; and Midstream. The Refining & Marketing segment refines crude oil and other feedstocks at the Company's seven refineries in the Gulf Coast and Midwest regions of the United States. Its Speedway segment sells transportation fuels and convenience products in the retail market in the Midwest, East Coast and Southeast regions of the United States. The Company's Midstream is engaged in the operations of MPLX LP and certain other related operations. It gathers, processes and transports natural gas, natural gas liquids (NGLs), crude oil and refined products. MPLX is a limited partnership which owns, operates, develops and acquires midstream energy infrastructure assets.
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MPC
