Marathon Petroleum (MPC)- Concurrent Bearish Harmonics
Marathon (MPC) is flashing a short term and long term bearish harmonic patterns
Specifically a Bearish Crab (short term) and Bearish Bat (long term),
Ideally, we need a little longer extension for the crab say the $65.50 area.
Crab patterns also can extend further than expected,
I have also overlaid a USOIL plot. Directionally certainly a reasonable fit.
I won't be in a hurry to short this puppy but with a break in the oil price MPC should roll over.
MPC is expected to report strong earnings on July 29th
As usual do your own due diligence and pay attention to oil's direction,
S.
Specifically a Bearish Crab (short term) and Bearish Bat (long term),
Ideally, we need a little longer extension for the crab say the $65.50 area.
Crab patterns also can extend further than expected,
I have also overlaid a USOIL plot. Directionally certainly a reasonable fit.
I won't be in a hurry to short this puppy but with a break in the oil price MPC should roll over.
MPC is expected to report strong earnings on July 29th
As usual do your own due diligence and pay attention to oil's direction,
S.
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