The energy sector is moving up again!
We can see a little bullish momentum coming in underneath, with price holding former resistance levels after sellers couldn’t push price further down the week of June 10th, 2024 (Weekly Chart Frequency):
Scanning our Market Rover proprietary trend/trading software, using S&P Sectors and the Energy Sector criteria specifically, we can quickly see a fresh new trade idea come up in our search:
Marathon Petroleum (MPC)
The stock recently resumed an uptrend:
Looking at the daily MPC chart, we can see the stock recently bounced off a 50% Fibonacci technical level and is now coming up above a former 38.2% level on increasing momentum:
We can also see on a relative basis that MPC is starting to outperform the energy sector (XLE) and the S&P 500:
Drilling down specifically on the individual MPC stock within the Market Rover, we can see the “Buy” trade idea on July 30th, with a projected T-1 profit target of around $183 and secondary potential T-2 price target of around $187.
We have to be careful, though: earnings are 8/6/24.
We may get a pre-earnings rise in call premiums, but we do not want to hold the trade over earnings!
So now is the time to take action on this one.
And because speed is always important when making trades, you need the right tools at your disposal to stay ahead of the game.
There is no tool more powerful than Market Rover.
As you see above, Market Rover hands you all the analysis you need to make an informed trading decision.
Happy Trading!
