New York, May 25th (TradersHuddle.com) - Shares of Marathon Oil Corporation (NYSE:MRO) closed the trading day at $51.88 close to its 50 day moving average currently set at $51.64. Marathon's price action is just above this important support level translating into a trading opportunity.
Marathon Oil Corporation (NYSE:MRO), through its subsidiaries, is an integrated oil firm with operations worldwide. The Company explores for and produces and markets liquid hydrocarbons and natural gas on a worldwide basis. Marathon also mines, extracts and transports bitumen from oil sands deposits in Alberta, Canada and refines, markets and transports crude oil and petroleum products.
Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $49.56 and calculated resistance at $52.27. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Marathon Oil will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.
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