Consistent with our overall view of the market, and in particular - the oil & gas space - MPC is showing us a great risk / reward setup for a SHORT.
How deep this thing will go, I cannot say - so there is no particular target in mind right now. Nonetheless, we will continue to monitor and provide updates when necessary. For now, Marathon Petroleum can be shorted...
With an overlapping wave structure since its inception, Marathon has seemingly finished Wave 3 of its apparent diagonal wave. With Wave 3 being longer than Wave 1, it should also be expected for Wave 4 to be longer in price length than Wave 2. This makes it very probable for share price to see a 50% shave over the next couple-few years. A drop below the yellow...
The PEAD projected a Bullish outlook for $MPC after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 40%.
MPC has formed a little and a larger inverse H&S both along an uptrend in green
Using this Inverse H&S assumption we can conclude that price will return to the green trend line to form the right shoulder of the larger H&S
MPC (along with all refiners) appear considerably cheap to replacement value. MPC's chart pattern indicates it has placed in an upward sloping wedge formation.
PetroChina building refining capacity to the tune of $70,740 per refined barrel. This is above the industry average of $32,800. With these new figures in place,
industry replacement value offers a...
1 1/2 month H&S bottom bullish pattern. Pull backs light and normal. Today's print is a hammer candle.
You don't need to know what's going to happen next to make money ~Mark Douglas
Lose like a pro and keep trading, or lose like a novice and quit ~Mark Ritchie
$7 a gallon gasoline here in California, layoffs have begun, 6.5-7% interest rates on a 30 year mortgage, demand will slow as the layoffs pick up speed and worldwide slowdown has begun. Too many have been crowding the energy trades and longer term oil will be much lower. MPC has experienced a dead cat bounce likely nothing more....
The PEAD projected a Bullish outlook for $MPC after a Negative over reaction following its earnings release placing the stock in drift C with an expected accuracy of 60%.
Entry: at the opening price
Stop loss: 74.7
Reward/Risk: 2
Target range: 88-90
Time Frame: 1-2wks
Possible gain: 10-15%
Possible loss: 5%
Position size: % of trading capital
You can see the most important support(green line) and resistance (red line) levels.
Best,
Dr. Moshkelgosha M.D
DISCLAIMER
I’m not a certified financial planner/advisor, a certified...
This energy stock is nearing its previous month high where a gap also nests. Both could be used for a bounce. Especially if the oil prices continue in the current direction which I believe in.
Large Volume of Big Money Calls in the $71 and $72 Strike Calls expiring on 1/14. Some were placed after the Market closed yesterday but the large bulk of them were just placed. This is not trading advice, just reporting on large call volumes.
