Resistance

Daily

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>MPC stock price soars near an all-time high after breaking above the previous high of $138.3.&nbsp;</a> </li> 
 <li> <span>2</span> <a>Marathon Petroleum’s stock price (NYSE: MPC) experienced a strong uptrend after taking support from 200 EMA which led to the breakout of an all-time high.&nbsp;</a> </li> 
</ul> 
<p>Marathon Petroleum Corporation (MPC stock) halted near $100 after a sharp decline from an all-time high of $138. The buyers accumulated near the round level to bottom out and the price surged again leading to short-covering among the short sellers.</p> 
<p>The price action showed that the buyers accumulated at the lower levels, and a vertical one-way reversal was observed on the charts. The breakout of key moving averages further gave confidence to the buyers which led to the breakout of all-time high without any struggle.&nbsp;</p> 
<p>MPC stock kept gaining and rescuing the gains decisively and bulls showed the demand which led the stock price to hit a round level of $150. Then, the stock showed some profit booking and slid to the $140 level and consolidated.&nbsp;&nbsp;</p> 
<p>At press time, MPC stock price is trading at $143.60 with an intraday gain of 0.24%. Moreover, the trading volume has decreased below the average volume to 2.88 Million, and the market cap is $57.27 Billion. Marathon Petroleum reported its quarterly results on 1st August 2023 which fueled the ongoing trend and the stock price skyrocketed.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh5.googleusercontent.com/s8EkpZHbT9v2n2vNvvlIGqTU-vjy1bOmpf_WYeD7PusTBzJy1y0G2tQDUWPljTHP3hxPpCTKK94vMFBn4ydwHlJeX07W7bljweXCHwIfJNIwMy-7Y40oZq0C2_Y3CCTIXdUgpeXqLaS8B6l6pUdz6kE" alt="MPC Stock Price Prediction: Can Marathon Petroleum Break $150?">
  <figcaption class="wp-element-caption">
   Source: barchart.com
  </figcaption>
 </figure>
</div> 
<p>MPC stock option-chain analysis states that the current implied volatility in the market is 27.3% with an increment of 0.11% in the last trading session. The at-the-money strike price has 335 open contracts on the put side and 237 open contracts on the call side indicating the dominance of buyers at the current level. The PUT/CALL ratio is 0.82 indicating that sellers dominate the option chain data.</p> 
<h2 class="wp-block-heading" id="strong-mpc-stock-price-suffered-rejection-from-150-level-strong"><strong>MPC Stock Price Suffered Rejection From $150 Level</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" loading="lazy" width="1024" height="478" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/08/image-131-1024x478.png" alt="MPC Stock Price Prediction: Can Marathon Petroleum Break $150?" class="wp-image-161963" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/08/image-131-1024x478.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/08/image-131-300x140.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/08/image-131-768x359.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/08/image-131-1536x717.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/08/image-131-750x350.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/08/image-131-1140x532.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/08/image-131.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: Marathon Petroleum 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/">TradingView</a>
  </figcaption>
 </figure>
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/06/27/mpc-stock-will-crude-prices-rally-after-wagner-drama/">MPC stock price</a> currently trades at $143.60 and consolidating above the $140 level.</p> 
<p>The short-term outlook for the stock is bullish and recently suffered rejection from the $150 level and consolidated. The price may again show an up move if manages to break above the round level of $150.<br><br>Also, the price may show some profit booking if slips below the lower levels as the stock has gained nearly 50% since the breakout and made a one-way movement to reach $150.</p> 
<h3 class="wp-block-heading" id="strong-the-emas-showing-strength-over-the-daily-chart-strong"><strong>The EMAs Showing Strength Over The Daily Chart</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh4.googleusercontent.com/X-K9J8SJwZOmEDSgipYudSgLZFHxHZanO4GEF-50GOBRPvk8ceuG74FzNwL7Qbz2tJ5-LoTgF12EkuWLMl34TFTpgpoI41h_Ra7uguMI983mns8l42lr4YG3WQndG6f7YyQIxaoTUC1DGizwyPnRU64" alt="MPC Stock Price Prediction: Can Marathon Petroleum Break $150?">
  <figcaption class="wp-element-caption">
   Source: Marathon Petroleum 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/">TradingView</a>
  </figcaption>
 </figure>
</div> 
<p>The daily MPC stock price chart shows that the price is trading above 200 and 50 EMA indicating a strong uptrend in the prevailing in both the long term and short term.</p> 
<p>The overall Technical Opinion rating including RSI and MACD is signaling a 90% buy with a strong short-term outlook on maintaining the current direction.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>MPC stock price rebounded from $100 to $150 after a sharp drop from $138. The stock broke its all-time high and reported positive quarterly results on 1st August 2023. The stock is trading at $143.60, above the key moving averages and with low volume. The stock is bullish in the short term but may face resistance at $150 or profit booking at lower levels. The stock has risen 50% since the breakout and might need some consolidation before resuming its uptrend.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support levels:</strong> $139.70 and $135.16.</li> 
 <li><strong>Resistance levels:</strong> $149.92 and $155.12.</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

MPC Stock Price Prediction: Can Marathon Petroleum Break $150?

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