MPC - Rising Wedge
On the chart, we can see a rising wedge holding its support, which we expect a breakout of.
Overall, the energy sector have been performing extremely well during the last year, as a result from the Ukrainian/Russian war, but has been dumped big time during the first quarter of 2023, and we therefore expect the rest of the stocks from the sector to follow this trend - including MPC.
Both RSI and MACD are showing bearish indications.
Keep in mind that the shown target is based on technical analysis only, and further downtrend is possible.
Overall, the energy sector have been performing extremely well during the last year, as a result from the Ukrainian/Russian war, but has been dumped big time during the first quarter of 2023, and we therefore expect the rest of the stocks from the sector to follow this trend - including MPC.
Both RSI and MACD are showing bearish indications.
Keep in mind that the shown target is based on technical analysis only, and further downtrend is possible.
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