Marathon Petroleum Corp (NYSE: MPC)

Marathon Petroleum Corporation, together with its subsidiaries, engages in refining, transporting, and marketing petroleum products primarily in the United States. It operates through Refining & Marketing, Speedway, and Pipeline Transportation segments. The company owns and operates seven refineries in the Gulf Coast and Midwest regions of the United States, which refine crude oil and other feedstocks; and distribute refined products through barges, terminals, and trucks, as well as purchases ethanol and refined products for resale. Its refined products include gasoline, distillates, propane, feedstocks and special products, heavy fuel oil, and asphalt. Marathon Petroleum Corporation markets its refined products to resellers, consumers, independent retailers, wholesale customers, marathon-branded jobbers, its Speedway convenience stores, airlines, transportation companies, and utility companies, as well as exports its refined products.
Please take a look at the 1-year chart of MPC (Marathon Petroleum Corporation) below with my added notations:
Even though the overall stock market has moved higher this year, MPC stalled back in March. Since then the stock has created a downtrending resistance (navy) and a key price level at $75 (red) that has been both support (April/May) and resistance (June-August). Last week MPC not only approached the $75 resistance, it also hit the downtrending resistance.
The Tale of the Tape: MPC has hit two key resistance levels. The stock currently is ripe for a short trade, but a long trade could be made on a break above $75 with a stop placed below that level.
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