Technical Analysis Marathon Petroleum Corp US:MPC (Bullish)

Marathon Petroleum (US: MPC) Technical price action indicates a potential return after the price exhibits a strong attempt to go back above the uptrend line:

 

  1. The bullish hammer on the 26th of November confirms the upside after the price gap, and a week later the bullish engulfing candle confirmed the bullish signal once again after it rebounded from the key support zone 1.
  2. The bullish engulfing candle also closed above the Tenkan-Sen.
  3. RSI shows bullish divergence.

 

 

*Expected timeline of the trade is 15 weeks from the date of report issuance.

 

CHART LEGEND

 

Ichimoku Kinko Hyo

Red dotted line = 26 periods Kijun-Sen

Blue dotted line = 9 Periods Tenkan-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line

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