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- 1 MPC stock price is trading in the bullish territory and showcased bullishness.
- 2 Buyers are gaining strength and have retested the support zone of $140.
Marathon Petroleum Corporation (NYSE: MPC) MPC stock was trading in an uptrend and replicated bullishness for the past sessions. Moreover, the chart shows that MPC share price surpassed the 20 day EMA barrier and confirming the bulls’ intention to surpass the primary hurdle of $150. However, buyers need to aggressively surpass the cluster of $150 to register a breakout, otherwise the bounce will be short lived and further retracement can be seen. MPC stock is at a make or break zone, which showcased the strong battle between the bulls and bears and their incisiveness to dominate the past sessions.
In the past months, MPC stock has supported the demand zone of $100, and has shown a vertical rebound, rallied more than 40% indicating the buyer accumulation. Moreover, the price action shows the bull dominance and indicates that if MPC stock surpasses the $150, a sharp rally toward $180 followed by $200 can be anticipated. Per the options chain, at the strike price of $150, a massive open interest of 1543 hundred shares on the call side shows strong resistance zone, whereas the open interest of 910 on the put side indicates that fresh long positions were added and buyers are trying to surpass the region.
At press time, MPC stock price is trading at $148.20 with an intraday gain of 0.41% showing bullishness on the charts. However, the trading volume remained average at 2.90 Million and the market cap is $59.257 Billion. However, analysts have maintained a neutral rating with a yearly target price of $159.13 suggesting that volatility may continue in the next sessions.
Marathon Petroleum Corp. is an independent company, which engages in the refining, marketing, and transportation of 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.
Will MPC Stock Outperform Above $150?
On the daily charts, MPC stock price has surpassed the 20 day EMA barrier and buyers are trying to escape the immediate resistance zone of $150. However, the mighty bears have maintained their strong grip there and did not permit the bulls to escape. Moreover, the chart shows that MPC stock has retested the 61.8% Fibonacci level and pulled back indicates the buying interest which suggests that MPC stock will skyrocket in the coming sessions.
The RSI curve stayed near neutrality and shows a bearish divergence indicates that sellers are still in the battle and trying to diminish the buying momentum.
The MACD shows a convergence of the MA line with the signal line showing the incisiveness between the bulls and bears. However, the red bars have ended and buyers are trying to register a breakout.
Summary
Marathon Petroleum Corporation (MPC stock) has surpassed the 20 day EMA and reentered the bullish territory indicating the buying interest in the past sessions. Moreover, the price action shows the buyers accumulation and their willingness to register a breakout above $150. However, bulls must surpass $150 for a sharp rally, whereas sellers have protected the region and tried to trap the bulls.
Technical Levels
Support Levels: $145 and $140
Resistance Levels: $150 and $160
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks 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.
