MPC double bottom, go longMACD crossing, could see this run long into earnings. Support has been touched 2 times.
0JYA trade ideas
MPC Retest/RemountMPC has recently retested prior support at the $58 level and broke down to bounce off the 200 day moving average, only to remount above the $58 level the very next day. This tells me that the 200 MA is strong support level paired with the $58 level. Looking for a push to the next level or resistance around the $62.5 level for a 6% move.
$MPC Option traders continue to Bet big on Marathon PetroleumEarnings were a beat and justified the positioning over the previous month.
Option traders continue to bet big on much greater advances in the stock.
Very reasonable 14 P/E ratio.
Good 3.22% yield
Average analysts recommendation BUY | $79 price target
Company profile
Marathon Petroleum Corp. is an independent petroleum product refiners, marketers and transporters in the United States. The company operates through the following segments: Refining & Marketing; Retail; and Midstream. The Refining & 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 Retail sells transportation fuels and convenience products in the retail market across the United States through company-owned and operated convenience stores, primarily under the Speedway brand, and long-term fuel supply contracts with direct dealers who operate locations mainly under the ARCO brand. The Midstream transports, stores, distributes and markets crude oil and refined products principally for the Refining & Marketing segment via refining logistics assets, pipelines, terminals, towboats and barges; gathers, processes and transports natural gas; and gathers, transports, fractionates, stores and markets NGLs. Marathon Petroleum was founded in 1887 and is headquartered in Findlay, OH.
MPC 9 RRR shortTrading Methodology:
1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend.
2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point.
3. A trend-based Fibonacci retracement triangle is drawn starting from the earliest trend touch point and ending at the earliest touch point of the opposite trend line .
4. Based on the degree, of the earlier defined angle, the appropriate (and secret) levels are selected for the fibonacci retracement ; two levels for stop-loss and two levels for take-profit. The closest stop-loss level to the current price level is the top priority stop-loss. Though the secondary stop-loss level is often chosen for some markets such as FX and some equities in order to account for seldom unexpected resistance breaks. The greater target level is the top priority, and where majority of the shares are sold, though some may choose to close part of the position at the first target level or set it to be the stop-loss once price exceeds it. Entries should be laddered in around the levels closest of the yellow line.
This trading strategy can be applied to any market and time frame, and positions most often garner the greatest risk-to-reward ratio with the highest success rate. What more can you ask for? I will only be posting my unique trading strategy until EOY. I work solely with price action to identify pennants and apply unique trend-based fibonacci retracement levels for SL and TP levels. Reach out to me if you have any questions.
Better Alternatives to MPC in Petroleum Sector Clearly, moving averages show that MPC is headed towards increased gains. However, it is having a difficult time convincingly breaking through downward short-term resistance. Moreover, oscillators at the monthly chart suggest a sell as do oscillators for the daily chart, primarily RSI and momentum. However, if you look at the comparison between other ways to invest in oil such as Brent crude, WTI, or one of the most liquid oil ETFs, MPC clearly is under-performing recently. MPC just barely beat out the S&P 500's energy sector while more of the liquid petroleum assets all greatly outperformed. The dividend yield per share is only 1.8 percent while the stock price is 11 times earnings. Overall, I am not confident in this stock's strength compared to its peers or its technicals. However, this does not mean the price won't go up, it just won't go up as high as other alternatives if the price of oil continues to climb. Because of this, if you are bearish on oil then you should get into the sector, but MPC is probably not the best way to do that.
