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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:

Technical Scans

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o Dow Jones 18,232.02 ▼53.72 (-0.29%)
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INDEXDJX:.DJI

Dow Jones

Company ID [INDEXDJX:.DJI] Last trade:18,232.02 Trade time:4:32PM EDT Value change:▼53.72 (-0.29%)
INDEXSP:.INX

S&P 500

Company ID [INDEXSP:.INX] Last trade:2,126.06 Trade time:4:32PM EDT Value change:▼4.76 (-0.22%)
INDEXNASDAQ:.IXIC

NASDAQ

Company ID [INDEXNASDAQ:.IXIC] Last trade:5,089.36 Trade time:5:15PM EDT Value change: (%)

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