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

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.