Are the Bears Taking Control over Marathon Oil?

mro New York, October 12th (TradersHuddle.com) - Shares of Marathon Oil Corporation (NYSE:MRO) ended the trading session lower by $0.1 or -0.34% from its previous close. Marathon's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

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's current stock range is determined by calculated support defined at $29.37 and by the resistance level at $31.21, which should be used by traders planning their next move.

If traders want to establish a position in Marathon Oil, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Marathon Oil for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:

TradersHuddle Search

Stock Search:


Site Search:

Loading

Technical Scans

Recent Trading Ideas

Latest Partner Headlines

Stock Market

Loading
Chart
o Dow Jones 18,080.14 ▲21.45 (0.12%)
o S&P 500 2,117.69 ▲4.76 (0.23%)
o NASDAQ 5,092.08 ▲36.02 (0.71%)
INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:18,080.14 Trade time:5:01PM EDT Value change:▲21.45 (0.12%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,117.69 Trade time:5:01PM EDT Value change:▲4.76 (0.23%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:5,092.08 Trade time:5:16PM EDT Value change:▲36.02 (0.71%)

In The Wires

Copyright © 2013 TradersHuddle.com. All Rights Reserved.