Marathon Petroleum Enters Oversold Territory Amidst Market Fluctuations
Shares of Marathon Petroleum Corp. (Symbol: MPC) fell into oversold levels during Tuesday’s trading session, with prices reaching as low as $144.90 per share. Investors gauge oversold conditions using the Relative Strength Index (RSI), a tool that measures stock momentum on a scale of zero to 100. An RSI below 30 indicates oversold conditions.
For Marathon Petroleum, the RSI stands at 27.6. In comparison, other energy stocks tracked by Energy Stock Channel have an average RSI of 45.4. Moreover, WTI Crude Oil has an RSI of 39.5, Henry Hub Natural Gas is at 47.2, and the 3-2-1 Crack Spread boasts a robust RSI of 82.5. A bullish investor may interpret MPC’s low RSI as a signal that heavy selling pressure could be nearing its end, prompting potential buying opportunities.
Reviewing MPC’s one-year performance, the stock’s lowest price point in its 52-week range is $140.975, while the highest stands at $221.11. The last trade prices the stock at $145.09, reflecting a decline of about 3.9% for the day.
The RSI data for Marathon Petroleum was reported by TechnicalAnalysisChannel.com
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