Stock Chart Analysis MRO

Posted by downtowntrader | 5/03/2007 08:42:00 PM | 0 comments »

Stock Chart Analysis MRO

Marathon Oil Corporation (Public, NYSE:MRO)

MRO setup nicely a week ago, and is looking like it will breakout, now that earnings are out of the way. Notice how MRO has respected this internal trend line. It is probably based on a fibonacci fan extended downward. It's amazing how these fibonacci sequences can hold power over a chart, since in reality prices are trending back and forth on traders perceptions of supply and demand. Either way, MRO has held above the trend line and the bollinger bands are now expanding, hinting at increasing volatility in the near future. Couple this with MRO knocking at new all time highs, and you don't have to argue much at how bullish this looks.

Good Trading