MRO - breaking into new ground

Marathon Oil (MRO) followed the main market, and closed the week with a very impressive gain of +2.8%, resting @ $36.15. Today was a historic close, and there is no sign of the current upward trend ending. There is literally no ceiling now, on what remains a profitable company.


MRO, daily

Summary

A very strong close..a breakout, and a new historic high. It really doesn't get any more bullish than this.

I have been following MRO quite closely in the past few weeks.  The past few weeks have provided a very powerful move higher, and MRO achieved an extremely important breakout closing level.

*I am not meddling in MRO yet, but will look to go long on ANY minor pull back in the weeks ahead.

Next key levels are pretty straight forward psy' levels of $40..and then the big $50.

If my hyper-bullish outlook for 2015/16 is broadly correct, then MRO has a fair chance at hitting $100.

First things first though...lets see if MRO can put in a few more daily closes above this old resistance level, and then make an attempt to $40.