MPC – Marathon Petroleum Corp.

Last updated February 21, 2019

Monthly chart shown. This ticker has two options: either it has completed a a larger Cycle wave (ABC) into the September high in 2018, or it is about the take off in wave-3 of III of Cycle-1 (labeled as yellow ALT: 1, 2)?! With price currently below its 200d SMA, not shown, the onus is on the Bulls. Pure and simple. We need to first see a move back above that moving average to be more certain the longer-term trend has turned Bullish. A break below $61, albeit not entire a death blow, should be considered bearish and targets $54 again. Maybe a marginal lower low can set up positive divergences on the longer time frame technical indicators which can translate into a more sustained rally!? But be cautious as $54 can quickly turn into $40 based on simple symmetry and that places this chart even further into the ABC count. Thus for now, this ticker is a bit in no-mans-land and awaiting confirmation of what is truly transpiring would be wise before entering a position.