MRO, daily
Summary
Suffice to say, a black candle on the daily chart is a pretty good bearish indicator for the subsequent few days.
It is very reasonable to count the last few days as a minor 2 - or B' wave bounce/rally, and we're now due another day..or two on the downside.
Obvious downside is the $34/33 area, where the 50 and 100 day MAs are lurking. Further, by the end of the week, the low daily bollinger will be providing support in the 33s too.
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MRO is a very profitable company, and from a chart perspective, it looks good for $40s later this year, especially if the QE continues, and Oil can at least hold the $90s.
