$MPC Bear 3-Drives harmonic to 94Bear 3-drives harmonic for NYSE:MPC has a .681 fib retracement price target of $94.
MPC trade ideas
MPC eyes on $167 above, 157 below: Genesis fibs and key rangeAll three levels are from a single fib set, the Genesis Series.
All humans/bots/indi's have recorded the recent reactions.
So a break of either side will say a lot to a lot of traders.
And that is how even the "fib-blind" evenaully do see them.
====================================================
.
Big Oil Looking Weak! | Marathon Petroleum - $MPC SHORTProfit-taking & Market-making 101.
A Myth : Fossil fuels are scarce.
A Hoax : Green jobs, green energy, climate change, tesla (yes, with a little "t").. it's all a HOAX.
It is important to understand that all of this rhetoric around "re-tooling" our economy to accommodate "green peace" is deeply rooted in communism and a centrally-planned / big-government radical ideology.
First, the climate has been changing for as long as humans have been on the earth (~6,000 years). So the thought that new taxes, radical politicians, and sign-wielding activists are going to change that is deeply delusional.
Second, our economy and the superior American standard of living (prior to Joe B. & Coup'mala) is largely facilitated through our production and consumption of fossil fuels. Plain and simple. Thus, the radical attempt to prevent or replace fossil fuels within the US, can and should be viewed as intentionally and fundamentally erasing American prosperity.
The good news is: the US - the worlds largest consumer (and most abundantly endowed producer) of fossil fuels, can easily dominate the global oil market. Let's look for this scenario to play out, post-recession.
$MPC has a Pattern Forming Name it in CommentsI will give my hint on this Pattern forming ... "Bullish" ... Now In the comments post your idea on what it is formation it will be creating .. GO
$MPC has a Pattern Forming Name it in CommentsI will give my hint on this Pattern forming ... "Bullish" ... Now In the comments post your idea on what it is formation it will be creating .. GO
Ichimoku Cloud StrategyLooking for a lagging line bounce from the bottom of the inside of the cloud. We are also at a good level of support. But it could be a head and shoulders pattern. Still trying to get better at recognizing patterns. Regardless, if the lagging line goes through the cloud underneath it, we will be in an official downtrend per the cloud rules
MPC NYSE:MPC is a fantastic company, but is falling with the rest of the energy sector.
Starting with the weekly chart: Its fallen out of the 12 month regression channel and is at the middle of the channel from where its uptrend began in the fall of 2020. The composite index is at the 3rd most oversold level on the weekly, prior being the covid low and the July 2022 low. The detrend price oscillator has not signaled a bottom on the weekly yet.
A look at the daily shows that AVWAPs from the beginning of recent uptrends are failing to act as support and immediately becoming resistance. If 167 doesn't hold we will likely see a move to the 147-157 range.
Marathon Takes a BreatherMarathon Petroleum has been running since late January, and now it’s pulled back.
The first pattern on today’s chart of the refinery stock is the March high of $203.02. The stock tested that peak today. Traders may watch to see if it can turn old resistance into new support.
Second, MPC has pulled back to the rising 21-day exponential moving average. It offered support in February before prices surged to new record highs.
Finally consider the broader energy space. TradeStation Data shows it’s now the top performing sector this year. (Notice how the Energy Select Sector Index is pulling back toward long-term highs from 2022 and 2023.) In addition, MPC is the #8 performer in the entire S&P 500 index this year.
That kind of relative strength could reflect positive sentiment toward energy names in general.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at www.TradeStation.com . Before trading any asset class, customers must read the relevant risk disclosure statements on www.TradeStation.com . System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit www.TradeStation.com for further important information explaining what this means.
Buy Marathon PetroleumShort Term Trading Advice by Naranj Capital
Buy Marathon Petroleum
● Buy Range- 200 - 204
● Target- 214 - 216
● StopLoss- 194
● Potential Return- 5-6%
● Duration- 12-14 Trading Days
MPC heads up at $204.78 then 232: next targets and possible topsMPC is about to hit a Golden Genesis fib.
Recent attempt to break had fallen short.
Break of the Golden fib should pop to 232.
It is PROBABLE to orbit the Golden fib a few times.
It is POSSIBLE to reject and start a long correction.
It is PLAUSIBLE to break fib and run to next target.
=============================================
Enter at 171,86 after rejection.THIS IS NOT SHORT IDEA!!! Expecting a fall to 171,86 and rejection back to the final target. It takes time. Enter just after clear rejection on 4H chart. Then set conditional SL, if any two 4H candles closes below the SL zone, cutloss your trade. No rejection at 171,86 = no trade. Don´t fall to the trap by buying lower because the more favorable price. You will made your trade "superrisky". Wish you good luck.
Bearish Short Term Trade IdeaUsing RSI, OBV (not shown) and other technical analysis, MPC looks like it needs to cool down and "could" be a nice short term trade.
MPC - 4 months ASCENDING TRIANGLE══════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
After a careful consideration I came to the conclusion that:
- it is crucial to be quick in alerting you with all the opportunities I spot and often I don't post a good pattern because I don't have the opportunity to write down a proper didactical comment;
- since my parameters to identify a Classical Pattern and its scenario are very well defined, many of my comments were and would be redundant;
- the information that I think is important is very simple and can easily be understood just by looking at charts;
For these reasons and hoping to give you a better help, I decided to write comments only when something very specific or interesting shows up, otherwise all the information is shown on the chart.
Thank you all for your support
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
Will Marathon Start Running?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.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Important Information
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures or cryptocurrencies); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at www.TradeStation.com . Before trading any asset class, customers must read the relevant risk disclosure statements on www.TradeStation.com . System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission (“SEC”) and a futures commission merchant licensed with the Commodity Futures Trading Commission (“CFTC”). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association (“NFA”), and a number of exchanges. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services under federal and state money services business/money-transmitter and similar registrations and licenses.
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a member of NFA. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit www.TradeStation.com for further important information explaining what this means.
MPC LongI am bullish on oil and oil-related stocks nowadays. I estimate there will be short-term bullish move on MPC. it is on bullish zone
Nice little 10% profitWhen you hit your TP take the profit & dont be greedy. Of course it may go lower, but then it again, it may not.
MPC: Bullish Pennant, confirmed (30,71%)(31/1000)(31/1000)
Bullish Pennant pattern on the weekly for MPC. Confirmed
30.71% possible gains.
MPC (Marathon) is part of the S&P Energy sector which has built into an ascending triangle. Not confirmed yet though.
Pros:
1- PPS above 50MA and 200MA
2- RS above 0 and climbing
3- R/R ratio above 5
4- 250RSI above 50 and climbing
5- 50MA above 200MA
6- Both 50MA and 200MA ascending
7- Golden cross circled in blue
8- Descending volume during pennant forming
9- Some volume during post forming
Cons:
1- No volume increase at break out
2- ATR flat, less volatile
Target price is 191,24$
Stay humble, have fun, make money!
MAAX
MPC: Ascending triangle (77%) and (101%)MPC (Marathon) following the overall trend in energy stocks. this particular stock is part of the S&P energy sector index.
The daily graph shows a confirmed ascending triangle with price target of 106.93$ (Left graph).
The weekly chart shows another ascending triangle on the weekly (not confirmed) with price target of 138.82$. Still needs to break the 70$ resistance to confirm (Top right).
The sector graph (Energy, bottom right) is building into an ascending triangle (not confirmed). It still has to break through resistance level at 460$ to confirm uptrend. If confirm, the sector as a whole may see a 77% increase. This, if confirm, will help MPC hit the price targets. Watching for now until a clear break in the sector shows.
Stay humble, have fun, make money!
MPC WeeklyNot much analysis needed with this. Setting new all time highs as we chart. Going higher.....
MARATHON PETROLEUM Stock Chart Fibonacci Analysis 050223Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 115/61.80%
MPC - Rising WedgeOn 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.
$MPC with a bearish outlook following its earnings #Stocks The PEAD projected a bearish outlook for $MPC after a positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 20%.
