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Marathon Oil Set to Possibly Pullback After Yesterday's Rally of 5.21%

Sep 16, 2020 (SmarTrend(R) News Watch via COMTEX) --

Marathon Oil (NYSE:MRO) traded in a range yesterday that spanned from a low of $4.35 to a high of $4.61. Yesterday, the shares gained 5.2%, which took the trading range above the 3-day high of $4.50 on volume of 12.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Marathon Oil has traded in a range of $3.02 to $14.49 and is now at $4.59, 52% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.7% while the 200-day MA has slid 1.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Marathon Oil on July 7th, 2020 by issuing a Downtrend alert when the shares were trading at $5.68. Since that call, shares of Marathon Oil have fallen 23.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Write to SmarTrend at cs@mysmartrend.com

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