Biggest Gainer at the Opening Bell: Marathon Petroleum

Continuation of the bullish channel

Energy 15

On Friday morning, Marathon Petroleum (MPC), one of the largest U.S. oil refiners gapped up almost 9%.  

From a technical point of view, on a daily chart, Marathon Petroleum's stock price has been increasing inside of a rising channel that has been in place since mid-March. Today's price gap was a bullish signal considering that price was barely holding the 20-day moving average and stuck against the lower trend line for the prior 6 trading days, with a brief break below it. The RSI has also been advancing since mid-March and is currently holding above a rising trend line at around 60. Price is expected to continue its bullish trajectory towards the $45.00 level. If price can break through the $45.00 resistance it would clear a path towards the $52.00 level, as the $45.00 resistance is a major level going back to 2013. If price slips back towards the lower trend line and breaks below it, we would expect price to retrace to the $34.00 support and then to the $28.00 support.            

Source: GAIN Capital, TradingView

More from Equities

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

Open an Account