This is looking at the past 13 yrs on a monthly scale. I love how disciplined the MRO traders are as opposed to the LUV traders. MRO traders are very disciplined and this is a stock I have loved to trade in the past.

Though I do not show in this chart, if you take the very high point and the very low point of MRO, the $35 is about the 50% retracement. That is wehere the 50 & 20 intersect.

Volume shows price action marching up with decreasing volume. That's with a more bearish flavor.

MACD is showing weakness in bearishness.

RSI downtrend is broken, but it could go for another wave to the downside.

In the May & June timeframe, this is sort of like a double/triple top. However, this $28-29 range is a pivot point. If it goes below here, I would take a position to the downside, using $25ish as an initial target, but have a longer target down at $20.
A bearish position would make more sense as we can see a lot of good strength in bearish volume over bullishness.
MACD and RSI are also bearish.
The double tops in June has the right top lower than the left. That's more a bearish tendency. I would draw a trendline of the highs of 6/11 and 7/1 and if it breaks this line closing price, I would go in for a bullish position (small).
Labels: edit post
0 Responses

Amazon Store