Get em while they're cheap! You might find cheaper premiums on HFC as they nose-dived yesterday, but MPC has stronger fundamentals IMO. And a reminder like always, MPC has a history of bucking the market the market: SPY. In regard to fundamentals, this is an oversold reaction to MPC and other refiners' posting losses for Q1 2016. We all knew the refining...
Please compare this to my previous post where I had drawn the Fib retracement. I have redrawn this to capture the double bottoms. I was not sure if it could break out from it's previous fib level and so far this previous retracement model is holding up. I have said this many times, but will say it again. MPC has a history of bucking the market and is doing so...
Today's was the first breakout for MPC from the fib retracement. It is topping out back to the January lows. This MAY be a point to where the trade switches from fundamentals before it trades off of something technical. Just general discussion. I sold today. Please comment.
I was long at $36 handle on Tuesday. I sold at $38.70 which it is straddling right now at the top of the fib retracement. MPC is outperforming other refiners today like VLO, HFC, PSX. There is no technical support above $38.70. Either it breaks out to $50+ or rather I am looking to buy another dip below this fib line if there is no sustained upside support for...
Yesterday MPC closed at $36.47 on a late rally exactly at its 2nd fib line for which there is previous support at that level. It's been hard for this stock to breakout past $37 with analyst price targets in the $50s. It needs momentum.
3 EV/EBITDA valuation. 5.5% yield. Healthy balance sheet and cash flow.
holding the long-term trend and has made higher high on the daily since the bounce off trendline.
After the previous 2 high volume days, VLO has made new highs. However, it did not close with a strong candlestick above the resistance and instead put in a doji. With this location it is setting up a nice Risk vs Reward trade for the short side. Previous resistance will be the 1st profit target and will be moving up the stop loss if the trade goes in my favor.
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Took a long position via DEC calls above 46.45 (0.5 retrace) with a short term target of 52.50 (breakout/breakdown point) of this weekly view.