Tuesday, 18 June 2013

MRO - cruising higher

With the main equity market climbing for the second day running, Marathon Oil (MRO) closed significantly higher, +3% @ $36.05. Near term trend continues to offer upside, although there will no doubt be resistance in the $36.40/60s.

MRO, daily


Underlying MACD (blue bar histogram) is set to go positive cycle at the Wednesday open. Similarly, a bullish MACD cross is due tomorrow.

MRO price formation looks a very obvious very large bull flag, and a hit of the big $40 level looks viable in July - and that would match up with the sp' in the 1725/50 area.