The Hourly View for MPC
At the moment, MPC (Get Ratings)’s price is down $-0.27 (-0.5%) from the hour prior. This is the 2nd hour in a row MPC has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them with price now being below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
MPC’s Technical Outlook on the Daily Chart
Currently, MPC’s price is down $-1.15 (-2.09%) from the day prior. This is a reversal of the price action on the previous day, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe. Of note is that the 20 day changed directions on MPC; it is now pointing down. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The chart below shows MPC’s price action over the past 90 days.
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The post Marathon Petroleum Corp (MPC): Price Now Near $53.89; Daily Chart Shows An Uptrend on 100 Day Basis appeared first on ETF Daily News.
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