Marathon Oil Corp. (NYSE:MRO) shares are trading higher Thursday after the company reported better-than-expected Q4 EPS results.
The company reported earnings of 77 cents per share, beating the estimate by 22 cents. Sales came in at $1.80 billion, beating the $1.55 billion estimate.
Marathon Oil is up 3.8% at $21.88 at publication time.
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Marathon Oil Daily Chart Analysis
- The stock broke above the $14 resistance level in September 2021 and went on to test this area as support in late December. The support was able to hold and the stock has since had bullish movement. The higher low trendline could hold as support in the future as it has been an area that has held in the past.
- The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue). This indicates the trading sentiment has been bullish, and each of these moving averages may hold as an area of support in the future.
- The Relative Strength Index (RSI) has been sideways above the middle line and sits at 65. This shows there have been more buyers in the market for an extended period of time, which correlates with the strong price increase over the past few weeks.
What’s Next For Marathon Oil?
Marathon Oil has been flying since the breakout of resistance and may be due for a pullback in the coming weeks. The stock has strong bullish movement as the RSI has stayed high. If the RSI remains at that level, the stock will keep pushing higher; if the RSI dips, the price may fall back toward the higher low trendline. If the price were to dip below the higher low trendline, the stock could see a period of strong bearish movement.
