A technical analysis of MARATHON OIL CORP.

Our stock screener has flagged MARATHON OIL CORP (NYSE:MRO) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:MRO for potential movement.

What is the technical picture of NYSE:MRO telling us.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to MRO. Although MRO is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• In the last month MRO has a been trading in the 25.20 - 26.99 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• When comparing the yearly performance of all stocks, we notice that MRO is one of the better performing stocks in the market, outperforming 71% of all stocks. However, this overall good ranking is mostly due to the recent strong move.
• MRO is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 56% of 217 stocks in the same industry.
• MRO is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so MRO is lagging the market.

For an up to date full technical analysis you can check the technical report of MRO

How do we evaluate the setup for NYSE:MRO?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:MRO currently has a 9 as setup rating:

Besides having an excellent technical rating, MRO also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 26.38. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 26.09, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Of course, there are many ways to trade or not trade NYSE:MRO and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.