Will Marathon Start Running?

1月26日

Marathon Petroleum has moved sideways since the summer, but some traders may think the refinery stock will start running.

The first pattern on today’s chart is the April 2023 high of $138.83, a new record at the time. MPC rallied above it last summer and has remained there since. That may suggest a longer-term breakout is occurring.

Second, the stock has started making higher lows since early December. Are buyers taking control in the shorter term?

Third, MPC is potentially finding support at its 50- and 100-day simple moving averages (SMAs). That may be consistent with a longer-term uptrend.

Finally, you have a falling trendline along the weekly highs of early 2024. Closing above that resistance could be viewed as a potential breakout.

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