Please compare this to my previous post where I had drawn the Fib retracement. I have redrawn this to capture the double bottoms. I was not sure if it could break out from it's previous fib level and so far this previous retracement model is holding up.
I have said this many times, but will say it again. MPC has a history of bucking the market and is doing so...
Today's was the first breakout for MPC from the fib retracement. It is topping out back to the January lows. This MAY be a point to where the trade switches from fundamentals before it trades off of something technical. Just general discussion.
I sold today. Please comment.
I was long at $36 handle on Tuesday. I sold at $38.70 which it is straddling right now at the top of the fib retracement. MPC is outperforming other refiners today like VLO, HFC, PSX.
There is no technical support above $38.70. Either it breaks out to $50+ or rather I am looking to buy another dip below this fib line if there is no sustained upside support for...
Yesterday MPC closed at $36.47 on a late rally exactly at its 2nd fib line for which there is previous support at that level. It's been hard for this stock to breakout past $37 with analyst price targets in the $50s. It needs momentum.
This is a simple overlay of MPC and INDEX:OVX .
The chart is self-explanatory. I'm not saying these two will cross, but so long as they converge, it is a good sign to be long MPC. The stock itself is oversold. It has lost half it's market cap since early Dec. Since free-falling, it has found a nice bottom at $29.
Buying MPC in the low $30s and holding until...
MPC pulling back to find support somewhere and with a key level at 82.5, I'm tempted to buy here with a stop a bit lower than the 82.5 key support. I will also enter some at the 82.50 level with a much tighter stop.
I'm also looking for some longs after the market decline and this stock is one that I am comfortable with. I will also be adding to DNKN down here...
Shares of oil refiner Marathon Petroleum Corp (NYSE:MPC) are racing higher today, as the stock is up over 6.0%. This is a very impressive move as the overall markets are seeing some severe selling pressure. The company reported earnings today that beat the street expectations, couple that with a sharp decline in Crude Oil, and you have the perfect elixir for a...
MPC's last 3 signals show more upside potential than downside risk from the first time it gets overbought after a period of being strongly oversold. This "relief rally" or "Phoenix rising from the ashes" rally is an interesting setup. Emerging momentum is an interesting way to get on board and ride a rising tide. Clearly the best signal was back in October last...
Oversold and turning up.
Buy more when CCI closes above -100.
Exit when CCI reaches +100 or just use a trailing stop at that time.
Tim 5/27/2014 1:15PM EST 87.13 -0.01 last
