This is a simple overlay of MPC and OVX. They share an inverse relationship with the most recent cross at the first session of 2016. Since then, OVX has skyrocketed, and MPC tanked eventually finding some support at $29. Previous support is near the high teens, but those are early historical lows.
Since the MPC $29 support, there appears to be a technical base for MPC to rise to $50, at the mid to lower end of analysts price targets for this stock.
There is more upside to being long MPC than being short OVX. What I'm saying is that OVX need not cross with MPC for the refiner's stock to rise. What I'm saying is MPC is oversold, and OVX is one reason to go long this stock.
Since the MPC $29 support, there appears to be a technical base for MPC to rise to $50, at the mid to lower end of analysts price targets for this stock.
There is more upside to being long MPC than being short OVX. What I'm saying is that OVX need not cross with MPC for the refiner's stock to rise. What I'm saying is MPC is oversold, and OVX is one reason to go long this stock.
Trade closed: target reached:
Just re-visiting my first post on this stock. I hope you made money.