Current price is $11.09 and trading 40% above its rising 200 day moving average pf 6.63. After rallying more than 200% since October 2020, Marathon Oil has moved closer to fair valuation. A buying opportunity will arise should the stock fall back to the rising channel support at 9.55.
Resistance is seen at $13.42 which is the 50% Fibonacci retracement level from the low based on the entire 23.72 - 3.12 range seen since October 2018. Should this level give way, then further upside potential is seen towards 15.85 (Fibo 61.8% retracement from the low) and thereafter at 18.85 (Fibo 76.4% retracement from the low).
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