Tuesday, 25 June 2013

MRO - powerful underlying strength

Whilst the main indexes had to fight really hard for moderate gains, Marathon Oil (MRO) powered strongly upward, closing +3.9% @ $35.01. Near term price action is susceptible to further main market weakness, but today's action showed the underlying upward strength.

MRO, daily


MRO remains one of my favourite stocks to watch. When the market is at least moderately higher, MRO is usually storming higher - just look at the rally from the mid-April sp'1536 low!

My near term main market outlook is for further weakness. If correct, MRO is likely to come down to the $32s again, where the 200 day MA is lurking.

I expect that to hold, and then MRO will probably make a serious attempt to break new highs in early August.