Marathon Petroleum Corporation (MPC stock) halted near $100 after a sharp decline from an all-time high of $138. The buyers accumulated near the round level to bottom out and the price surged again leading to short-covering among the short sellers.
The price action showed that the buyers accumulated at the lower levels, and a vertical one-way reversal was observed on the charts. The breakout of key moving averages further gave confidence to the buyers which led to the breakout of all-time high without any struggle.
MPC stock kept gaining and rescuing the gains decisively and bulls showed the demand which led the stock price to hit a round level of $150. Then, the stock showed some profit booking and slid to the $140 level and consolidated.
At press time, MPC stock price is trading at $143.60 with an intraday gain of 0.24%. Moreover, the trading volume has decreased below the average volume to 2.88 Million, and the market cap is $57.27 Billion. Marathon Petroleum reported its quarterly results on 1st August 2023 which fueled the ongoing trend and the stock price skyrocketed.
MPC stock option-chain analysis states that the current implied volatility in the market is 27.3% with an increment of 0.11% in the last trading session. The at-the-money strike price has 335 open contracts on the put side and 237 open contracts on the call side indicating the dominance of buyers at the current level. The PUT/CALL ratio is 0.82 indicating that sellers dominate the option chain data.
MPC Stock Price Suffered Rejection From $150 Level
The MPC stock price currently trades at $143.60 and consolidating above the $140 level.
The short-term outlook for the stock is bullish and recently suffered rejection from the $150 level and consolidated. The price may again show an up move if manages to break above the round level of $150.
Also, the price may show some profit booking if slips below the lower levels as the stock has gained nearly 50% since the breakout and made a one-way movement to reach $150.
The EMAs Showing Strength Over The Daily Chart
The daily MPC stock price chart shows that the price is trading above 200 and 50 EMA indicating a strong uptrend in the prevailing in both the long term and short term.
The overall Technical Opinion rating including RSI and MACD is signaling a 90% buy with a strong short-term outlook on maintaining the current direction.
Conclusion
MPC stock price rebounded from $100 to $150 after a sharp drop from $138. The stock broke its all-time high and reported positive quarterly results on 1st August 2023. The stock is trading at $143.60, above the key moving averages and with low volume. The stock is bullish in the short term but may face resistance at $150 or profit booking at lower levels. The stock has risen 50% since the breakout and might need some consolidation before resuming its uptrend.
Technical Levels
- Support levels: $139.70 and $135.16.
- Resistance levels: $149.92 and $155.12.
