Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
MRO price showed an uptrend for the past sessions and maintained the gains above the 100-day SMA near the cluster of $25.86 in the bullish territory.
The chart shows bullish momentum at present. Moreover, price action favors the buyers, and long buildup activity was noted on the charts.
Marathon Oil Corporation’s price is on an upward trajectory to $26, which if surpassed, will lead to $27.85. Conversely, the lower trajectory is near $23.33, which, if broken, would lead to the 200-day EMA near $24.68.
At press time, Marathon Oil Corporation was trading at $25.86 with an intraday loss of 2.23%, showing neutrality. Moreover, the 24 hours trading volume is $7.309 Million while the market cap of Marathon Oil Corporation is $15.663 Billion. The day high of MRO is $26.13, and the day low at $25.72 indicates a narrow trading range.
Technical Analysis of MRO Stock Price in 1-D Timeframe
Currently, MRO stock (NYSE: N2) is trading above the 20, 50, 100, and 200-day exponential moving averages, which are supporting the price momentum.
However, if more buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, the MRO price is expected to move upwards giving bullish views over the daily time frame chart.
The current value of RSI is 54 points. The 14 SMA is above the median line at 63 points which indicates that the MRO stock is in a bullish zone.
The MACD line at 0.6183 and the signal line at 0.5503 are above the zero line. A bearish crossover is observed in the MACD indicator which signals weakness in the momentum of the N2 stock price.
Short-Term Charts Price Analysis of MRO
On the 4-hour charts, MRO price is bullish and trading between the range of $25.93 – $25.74 with the highest volumes. However, the trend is strong, and buyers are attempting to break the zone and are trying to sustain above the round spot of $25.50.
The RSI curve is near 45, near neutrality, forming a negative crossover due to the consolidation in price, but outlook is positive.
The MACD indicator shows a bearish crossover, but a crossover is imminent. However, the price could consolidate for a while.
Summary
Marathon Oil Corporation technical oscillators also support the bullish trend. The MACD, RSI, and EMA are emphasizing positive signs and imply that the uptrend may continue in the Marathon Oil Corporation stock price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment. However, investors and traders should wait for proper setup for the next move and avoid fear of missing out.
Technical Levels
- Support Levels: Nearest support levels are $23.33 and $20.38.
- Resistance Levels: Nearest resistance levels are $27.85 and $29.43.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Source: https://www.thecoinrepublic.com/2023/08/16/mro-stock-price-prediction-will-mro-price-fly-beyond-30/