Marathon Petroleum (US: MPC) Technical price action indicates a potential return after the price exhibits a strong attempt to go back above the uptrend line:
- The bullish hammer on the 26th of November confirms the upside after the price gap, and a week later the bullish engulfing candle confirmed the bullish signal once again after it rebounded from the key support zone 1.
- The bullish engulfing candle also closed above the Tenkan-Sen.
- RSI shows bullish divergence.
*Expected timeline of the trade is 15 weeks from the date of report issuance.
Ichimoku Kinko Hyo
Red dotted line = 26 periods Kijun-Sen
Blue dotted line = 9 Periods Tenkan-Sen
Green Line B= 52 periods Senkou Span B
Pink Line A = 26 periods Senkou Span A
Black line = 26 periods Chikou Span. Lagging line