Biggest Gainer at the Opening Bell: Marathon Petroleum
Jason Lubin June 19, 2020 10:57 PM
Continuation of the bullish channel
On Friday morning, Marathon Petroleum (MPC), one of the largest U.S. oil refiners gapped up almost 9%.
From a technical point of view, on a daily chart, Marathon Petroleum's stock price has been increasing inside of a rising channel that has been in place since mid-March. Today's price gap was a bullish signal considering that price was barely holding the 20-day moving average and stuck against the lower trend line for the prior 6 trading days, with a brief break below it. The RSI has also been advancing since mid-March and is currently holding above a rising trend line at around 60. Price is expected to continue its bullish trajectory towards the $45.00 level. If price can break through the $45.00 resistance it would clear a path towards the $52.00 level, as the $45.00 resistance is a major level going back to 2013. If price slips back towards the lower trend line and breaks below it, we would expect price to retrace to the $34.00 support and then to the $28.00 support.
Source: GAIN Capital, TradingView
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