Marathon Oil High Volume Day?

Published on Friday, 18 May 2012 11:38 Written by TradersHuddle Wire

New York, May 18th (TradersHuddle.com) - Unusual high volume detected on shares of Marathon Oil Corporation (NYSE:MRO) early in the trading session. The pace in volume of Marathon Oil points to a break above average, with sellers in control, as the stock is 1.43% lower.

Marathon Oil Corporation (NYSE:MRO), through its subsidiaries, is an oil and natural gas exploration and production firm with operations worldwide. The Company explores for and produces liquid hydrocarbons and natural gas on a worldwide basis. Marathon also mines, extracts and transports bitumen from oil sands deposits in Alberta, Canada.

Marathon Oil has already traded 0.888 times its 3-month average volume and has calculated support and resistance at $25.51 and $27.26 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.

The overall market index S&P 500 is trading higher by 0.12% from its previous trading close, which means that Marathon Oil stock is underperforming the overall market.