NYSE:MPC may be ready to breakout.

MARATHON PETROLEUM CORP (MPC)       99.33   +0.63 (+0.64%)

After market: 99.45 +0.12 (+0.12%)


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NYSE:MPC may be ready to breakout.11 days ago - Chartmill

MARATHON PETROLEUM CORP (NYSE:MPC) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:MPC.

MPC Daily chart on 2022-09-21

Zooming in on the technicals.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, MPC scores 8 out of 10 in our technical rating. In the last year, MPC was one of the better performers, but we do observe some doubts in the very recent evolution.

  • The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
  • When comparing the yearly performance of all stocks, we notice that MPC is one of the better performing stocks in the market, outperforming 97% of all stocks. On top of that, MPC also shows a nice and consistent pattern of rising prices.
  • MPC is part of the Oil, Gas & Consumable Fuels industry. There are 381 other stocks in this industry. MPC outperforms 74% of them.
  • MPC is currently trading in the middle of its 52 week range. The S&P500 Index is currently trading in the lower part of its 52 week range, so MPC is still doing slightly better than the market.
  • Volume is considerably higher in the last couple of days.

How does the Setup look for NYSE:MPC

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:MPC scores a 8 out of 10:

Besides having an excellent technical rating, MPC also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 102.89. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 95.65, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for MPC in the last couple of days, which is a good sign.

How can NYSE:MPC be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.

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