Getting The Jump On MPC's Rally

On Monday March 21 Mike Paulenoff posted a bullish alert on MPC (Marathon Petroleum Corp) to MPTrader members, writing:

"MPC popped out of my research over the weekend largely because its technical setup argues that all of the action off of its February high at 81.39 (see my attached Daily Chart) has carved out a high-level bullish digestion period and pattern above 72.50, and if preserved, projects to a thrust into a new upleg above 81.39 towards my next optimal target zone of 88 to 92 thereafter. Today's up-gap open and climb above the prior rally peak (79.93 in 3/11) has the right look of the initiation of a new upleg. As long as any forthcoming weakness is contained above my first warnings level at 75.50, my work will remain 'very friendly' to higher prices in MPC."

MPC was trading at 79.38 at the time, and within 36 hours of Mike's post the stock was off to the races.  It thrust into the anticipated new upleg that propelled prices relentlessly higher for a 10-session stretch that hit a high of 87.10 last Friday, April 1, 2022, a full 9.7% above the price when Mike issued his alert.

In Mike's MPC analysis posted this past Friday morning, he commented:  "While the price of oil is under pressure, oil exploration names remain bid this AM... We see MPC indeed thrust out of a bullish Coil formation back on 3/21 and has not looked back since, climbing to a new high at 86.68 as we speak this AM, en route to my next optimal target zone of 88-92. Only a reversal and close beneath 82.60 will argue that the current upleg has peaked... Last is 86.64."

MPC is another example of Mike's actionable tactical technical signals he posts to our discussion room multiple times during trading hours every day, in addition to religiously discussing and answering member inquiries about individual stocks, macro indices, equity futures indices, ETFs, commodities, and cryptocurrencies.

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