Marathon Oil Corp. declined from $41.92 in 2014 to $6.52 in 2016 below its falling 40-week Moving Average (40wMA – A-B).
The stock had a rally in 2016 to reach a high of $19.28 (C), declined to $10.55 (D) and reversed there again and began a new up-leg. In April, it rose above the 2016 high (E) to signal renewed investor interest and the start of a new up-leg (solid line).
Behaviour indicators including the 40-week Moving Average (40wMA) confirm the bullish status. Only a decline below $17-$18 would be negative.
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Point & Figure measurements provide targets of $24 and $29. Higher targets are visible.
Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com