Marathon Petroleum Corporation Stock Code MPC.NYS
Outlook
Price broke above the cloud and reached a high on 8 June 2020 at $43.45. Since that high, price has been hovering around the cloud. On 1 September 2020, price broke below the cloud and for the past 4 days, has been trading below the cloud. Conversion and Base lines had a bearish crossover earlier confirming the bearish trend. Lagging Span is below price of 26 days ago but is inside the cloud, giving us only a weak sell trend. MACD is bearish with both of its lines below the zero line as well. If price continues to stay below the cloud, price could be heading down to the strong support line at $27.37.
Strategy
$34.20 Sell
$27.40 Price Target
$37.40 Risk Management Stop
3 weeks Trade Duration
