MRO trade ideas
Using MRO call Option to hedge against market dropBought a weekly call option on MRO to hedge against market correction. Marathon Oil is one of the US’s largest oil producers. If Russia invades Ukraine, I believe it will absorb a large percentage of global oil supply, and American oil refineries will possibly receive help from US govt. to ensure we have adequate supply. This is a short term play for me to (hopefully) snatch some Alpha while crypto (unfortunately) tumbles.
strike price = $23
expiry = 2/25/22
Marathon Oil turning and divergent. MROGoals 18.42, 16.87. Invalidation at 28.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe
Marathon Oil (NYSE: $MRO) Breaking For New All-Time Highs! 🛢️Marathon Oil Corporation operates as an independent exploration and production company in the United States and internationally. The company engages in the exploration, production, and marketing of crude oil and condensate, natural gas liquids, and natural gas; and the production and marketing of products manufactured from natural gas, such as liquefied natural gas and methanol. It also owns and operates 32 central gathering and treating facilities; and the Sugarloaf gathering system, a 42-mile natural gas pipeline through Karnes and Atascosa Counties. The company was formerly known as USX Corporation and changed its name to Marathon Oil Corporation in December 2001. Marathon Oil Corporation was founded in 1887 and is headquartered in Houston, Texas.
Marathon Oil setting up to finish macro 5 wave impulse from $3showing the proposed contracting ending diagonal wave 5 within wave 5 of macro wave 5. Wave 5 within macro wave 5 began at $14.30. We finished a triangle b Friday and will get the final impulse next week. Get ready.
MRO - More Fibs Same ConclusionMRO/USOIL here approaching the 0.618 fib extension which is also the long term 0.5 retracement - a very common bear market continuation fib. This is a weak ABC and i would be surprised if it gets to the 1.
Although RSI has not yet rolled back it will probably form bearish or hidden divergence to signal downtrend incoming.
Pushing higher here but I think that is not bullish, rather MRO is now topping while USOIL has started to roll over. Also pushing above 200WMA - this will likely prove to be a fakeout.
Not advice.
MRO - Keep Your Short On 🩳MRO appears to be completing a supercycle X wave.
From 2014 top MRO completed a 1:1 cycle ABC down to 2020 crash low, of which the B wave pierced a fakeout through the 200DMA before returning to the bear market.
And now MRO appears to be completing this X wave formed via a 1.618 primary ABC extension which is has risen all the way up to the previous cycle B wave territory - which is common for X waves as they are of higher degree and so have a larger retracement.
The 1.618 sits in the common reversal area of 0.618 - 0.75. I wouldn't be surprised if it hits the 200 Month MA again however I'm not confident of this as it would mean MRO will be at the common reversal limit around 0.76. It may happen, but I'm not fussed about $1 really as this is a long term trade.
Also worth noting the monthly RSI is exactly where it was at the 2014 top.
I'm expecting a devastating capitulation that through some sort of cycle ABC will take MRO to new lows perhaps around $1 and if duration is equidistant that will occur in 2027.
Not advice.
MRO - Collapse IncomingMRO seems to be topping here at the weak fib 1.382, could struggle up to 1.618 @ $20 but starting to look less likely as it finds resistance under the trendline. Current rally likely to be wyckoff ST.
Plenty of bearish divergence on the weekly + MACD lines entangling.
Expecting a collapse back to lower trendline to hit a retracement fib depending on duration - probably sub $10.
This is in tandem with USOIL collapse.
Not advice.
UptrendingWe are in a calming periode of an intact upward trend now. But as long as the lows are rising and the highs do the same we can expect further higher prices towards the winter.
Long | MRONYSE:MRO
Possible Scenario: LONG
Evidence: Price Action,
This is a very good stock for your long term portfolio, $XLE is bullish too.
TP1: 13.29$
TP2: 14.33$
TP3: 16.13$
Call options, strike 13$, 11/19/2021.
Call options, strike 15$, 11/19/2021.
*This is my idea and could be wrong 100%.
Long $MRO Possible Target $14.05$MRO CMP $11.77 Possible breakout on weekly candle. Has to hold that support level. Possible target $14.05
Marathon oil in Green. MROC Wave confirmed and we are looking at the most likely extensions and Fib points of convergence. We believe this one is going to rise in the near future given the probabilities. Check DMI, Jurik's RSI for technical evidence of the fractal picture we are suggesting.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in green with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe!
Marathon Oil Entry//Targeting Metrics//
Bullish Elliot Wave will end at ~$20 on 01DEC2022
Marathon Oil has taken steps to improve earnings by cutting cost for the year 2021, that which is reflected after analyzing and comparing this company’s financials quarter-to-quarter. MRO currently benchmarks in the 91st percentile in the crude petroleum and natural gas sector. MRO’s share price has been moving downward since 01JUL2021 in tandem with a falling price-to-book ratio from 1.047 to 0.856 in confluence with a PEG ratio of .30, indicating that Marathon Oil is undervalued and can be expected to increase earnings. The beta value is currently at 3.23, indicating MRO’s movement is three times faster than the current market.
Although share price has been moving downwards, the RSI (at seven-day intervals) hasn’t dropped below fifty percent on the weekly and monthly intervals while also bullish divergence can be seen on the weekly time frame, thus indicating continued bullish fervor. ATR is also divergent on the 4H interval from this stock’s downward trend since 28MAY2021, indicating a sentiment for a major bullish capitulation.
Share price has been consolidating below the 200 EMA on the 1D interval since 20JUL2021. Bullish capitulation will hinge on a positive earnings report on 03AUG2021 with continued bidding.
Confirmed UptrendThe price has made the due correction of the July high.The weekly EMA has held and after a hammer in August the price has risen again in September. This is a confirmation of the break of the 2020 range and the rise that has started in November 2020.
MRO: Ascending Triangle (122%), WEEKLYAnother energy stock. They just keep showing up.
Ascending triangle on the weekly chart, not confirmed yet.
If confirmed:
Price target = 31.45$
Stay Humble, Have fun, Make money!
MRO pull back watchOIL has been on fire lately. Hard to ignore it's continued strength. I am looking for a pull back entry as it pushes up to the 618. Would like to see a pullback tomorrow to the green box and the a move back up. The targets would be the 618/786/886. If price gaps into the 618 there will be no trade until it pulls back . Price must hold above the green box for the trade to be valid.
Short Oil Follow UpAbout a week ago, I posted that shorting oil may be a great idea.
Up $1700 in profits in the paper trading account.
It still has room to fall in the mid-term, but short-term we may see a small bounce.
