MRO - key support fails

Whilst the main indexes saw moderate weakness across the day, Marathon Oil (MRO) saw much greater weakness, closing -4.3% @ $32.62. It would seem the previous price formation was indeed a bearish pennant, with next support in the $29s.


MRO, daily

Summary

With the main market seeing some weakness since the sp'1709 - 11 days ago, its not surprising that MRO is also lower, but the declines are indeed much more severe.

Today's daily close below the 200 day MA was the first since the big April ramp - when the sp' was a relatively low 1538.

MRO looks set for the $29s within the near term.

If that fails, the next key level is considerably lower..the $23s - the summer 2012 lows, when sp' was 1266 !