This is a simple overlay of MPC and 
OVX.
The chart is self-explanatory. I'm not saying these two will cross, but so long as they converge, it is a good sign to be long MPC. The stock itself is oversold. It has lost half it's market cap since early Dec. Since free-falling, it has found a nice bottom at $29.
Buying MPC in the low
30S and holding until April could bring us closer to the $55-70 valuation. Selling at $50 is more in line at the lower end of analysts revised expectations.
IfOVX stabilizes, and 
SPX decides to capitulate, overlay MPC with the S&P, and you'll find that this stock has historically bucked the market.
Disclosure: I am long MPC.
OVX.The chart is self-explanatory. I'm not saying these two will cross, but so long as they converge, it is a good sign to be long MPC. The stock itself is oversold. It has lost half it's market cap since early Dec. Since free-falling, it has found a nice bottom at $29.
Buying MPC in the low
30S and holding until April could bring us closer to the $55-70 valuation. Selling at $50 is more in line at the lower end of analysts revised expectations. If
OVX stabilizes, and SPX decides to capitulate, overlay MPC with the S&P, and you'll find that this stock has historically bucked the market.Disclosure: I am long MPC.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.