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MRO Stock Retraces to Support

By Johns Wu on Dec 12, 2006

If you are looking for a potential 30% gainer, then consider
MRO. Marathon Oil has formed a beautiful cup with handle on
the weekly chart. Monday, Dec 11, it almost fully retested
the lip of the cup when it dropped down to $92.92. (The
official lip of the cup is at $92.24). There are two ways
to play MRO at this time:
1. Buy the retest of $92.24 on Wednesday, and target $123.
2. Wait for the strong volume breakout above the recent highs
at $96.07.

chart_12.PNG

Instead of a stop I would suggest using a call option
if the need arises. In any case the oil sector looks like
it will move much higher in 2007.

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This entry was posted on Tuesday, December 12th, 2006 at 3:34 pm and is filed under Stock Charts. You can skip to the end and leave a response. Pinging is currently not allowed.


4 Responses to “MRO Stock Retraces to Support”


By Brian Taylor Braziel on December 13th, 2006 at 8:59 am

Marathon Oil has been doing well for a while now. Alot of action in the charts dropping off and then coming back with what they lost and more. A potential 30 dollar or so increase in the next couple days in the market could be good for stalk holders. BUY UP NOW!!

By santoyo on December 13th, 2006 at 9:43 am

30 POINTS SOUNDS GOOD HOWEVER I FIND THAT TO BE 6MONTHS FROM NOW IF OIL KEEPS MOVING UP .CAN GO 30 POINTS DOWN

By Anonymous on December 13th, 2006 at 10:20 am

YOU GREETY BASTARD

By Steve on December 13th, 2006 at 3:24 pm

Yes, MRO could do down, too. An easy way to protect yourself is to
sell a call. For example, MRO is currently $95. One could sell the
APR $95 call for $7.20, about a 8% return in four months if MRO is
above $95 in April, or $7.20 worth of protection if MRO is not above
$95 in April.

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