HomeTrading strategiesOil Inventory Flashing Bull Sign Earlier than Earnings

Oil Inventory Flashing Bull Sign Earlier than Earnings

MPC has pulled again to a traditionally bullish trendline on the charts

Marathon Petroleum Corp (NYSE:MPC) will report earnings forward of the open tomorrow, Could 2, by which analysts anticipate income of $5.74 per share. The choices pits are pricing in a 4.8% post-earnings swing, no matter route, which is barely bigger than the three.2% transfer the inventory has averaged during the last two years. Forward of the occasion, MPC additionally occurs to be close to a trendline with traditionally bullish implications. 

The inventory is buying and selling inside one commonplace deviation of its 160-day transferring common for the fifth time up to now three years. In response to Schaeffer’s Senior Quantitative Analyst Rocky White, MPC was optimistic one month later 100% of the time, averaging an 11.6% achieve.  The same transfer from the inventory’s present perch at $122.26 would push it above $136, or a brand new document excessive. 

MPC May1

It is also price noting that the oil title’s 14-day relative energy index (RSI) of 28.4 sits in “oversold” territory, which usually signifies a short-term bounce. 

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