S&P 500 Market Outlook: Bearish & Deteriorating
Bearish Trade: MRO $12.74 – Energy
The bearish DailyPlay we chose for Tuesday, Aug 13th is Marathon Oil (MRO). MRO is part of the Energy Sector (XLE). XLE has declined 9.37% lower over the past month and its 1m and 6m trend turned bearish on Aug 1st and bounced lower off its $60 resistance level.
Marathon Oil’s 1m and 6m trend turned bearish on Aug 1st and recently bounced lower off its $13 resistance level. With a technical score of 3 (out of 10), MRO is a weak stock that will likely continue lower.
As a stop loss, if MRO was to trade above $13 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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