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- 1 MPC stock is close to the resistance mark gaining strength on the charts.
- 2 Buyers are gaining momentum and looking for a breakout above $140.
Marathon Petroleum Corporation (MPC stock) reversed from the support region near the round mark of $100. Moreover, the price action shows buyers have accumulated the stock price, and a vertical one-way reversal was shown on the charts. MPC stock price is trading above the significant moving averages, gaining strength, and is looking to surpass the major hurdle of $140, which, if exceeded, leads to a massive breakout toward the trajectory of $150 followed by $165.
The price action favored the bulls, who persisted in accumulating and showing their demand for the stock. In the past weeks, MPC stock kept gaining and rescuing the gains decisively and regained the bullish territory. However, an inverted hammer candlestick was formed in the last session, near the resistance mark of $140, showing a strong presence of bears.
Marathon Petroleum Corp. is an independent company that manufactures, markets, and transports petroleum products in the United States. It operates through the following segments: Refining and Marketing and Midstream.
The Refining and Marketing segment refines crude oil and other feedstocks at its refineries in the Gulf Coast and Midwest regions of the United States, purchases ethanol and refined products for resale, and distributes refined products through various means, including barges, terminals, and trucks that the company owns or operates.
The Midstream segment transports, stores, distributes, and markets crude oil and refined products principally for the Refining and Marketing segment via refining logistics assets, pipelines, terminals, towboats, and barges.
At press time, MPC stock price is trading at $137.95 with an intraday gain of 1.27% showing bullishness on the charts. Moreover, the trading volume increased by 1.98% to 3.656 Million, and the market cap is $55.158 Billion. Analysts maintained a strong buy and outperform rating with a yearly price target of $148.41, suggesting a growth outlook in the upcoming sessions.
MPC Stock Price Action On Daily Charts
On the daily charts, MPC stock price has gained strength and showed a vertical reversal from the support zone of $100. Furthermore, the price action showed buyers’ dominance and suggested a rise toward $150 in the following sessions. In the last week, MPC stock has released Q2 earnings results which were above the estimates and gave an advantage to buyers, increasing their momentum.
As per the Fib levels, MPC stock has traded above the 61.8% and near the 78.2% showing bullishness on the charts. Moreover, the price is trading near the upper Bollinger band.
What do Technical Indicators Say?
On the 4-hour charts, MPC stock persisted in the bull move and stayed in bullish territory.
The RSI curve stayed in the overbought zone and formed a positive crossover showing buyers’ dominance on the charts.
The MACD indicator showed a bullish crossover and persisted in forming the histogram’s green bars, suggesting a positive outlook on the charts.
Conclusion
Marathon Petroleum Corporation (MPC stock) continued gaining momentum and climbed the bullish stairs for the past sessions. Moreover, buyers continue accumulating the stock and are willing to catch the round spot of $150 in the following sessions.
Technical Levels:
- Support Levels: $130 and $120
- Resistance Levels:$150
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
