Boston, MA 04/09/2014 (wallstreetpr) – Marathon Oil Corporation (NYSE:MRO) (Closed at $35.27, Up 1.06%) opened positive and traded with positive bias the whole trading session and settled positive. There was a continuous flow of volumes during the day with considerable buying interest. There is lack of news in the stock from the past six months and the stock has been sideways since last one and half year in the range of $29 and $38.
The stock of Marathon Oil Corporation (NYSE:MRO) is in long term uptrend and is trading with a positive crossover of 50 and 200 DMA. But due to lack of upside momentum the positive crossover of 50 and 200 DMA changed to negative. Now the stock is gaining momentum again and started trading above its key moving averages of 50 and 200 DMA. Even the formation of higher tops and higher bottoms are also still intact with $28.85 being the previous swing low which maintains a positive outlook on the stock. The support zone of $33 and $34 is the buying zone for the stock of Marathon Oil Corporation (NYSE:MRO) from where most of the times stock starts rallying with volumes. Even the support of 50 and 200 DMA is also in that zone that creates a good buying zone for the stock.
Currently, the stock of Marathon Oil Corporation (NYSE:MRO) is gaining momentum which is shown by the momentum indicators. There is one more up move pending in the stock of Marathon Oil Corporation (NYSE:MRO) that may complete near $39.5 and once if stock manages to close above $40 a big up move may come into the picture that may even take stock to $50 within few months of closing above $40. Investors having long positions must hold Marathon Oil Corporation (NYSE:MRO)’s stock with the stop losses below $28.85 below which the stock may show more weakness.
