Marathon Oil: buy the dip?

Marathon Oil: buy the dip?


March 2022


Alex Cole

The below chart is of Marathon Oil.

Is this a buy the dip moment? Do we think the pressures on oil prices to move higher have lessened?  With OPEC being encouraged to increase supply due to the precariousness of the state of oil coming out of Russia, many think that the correction we have seen in oil prices over the past week will not be permanent.  How will we know when gains in oil and oil related stocks will return?  Let’s look at the GoNoGo Chart of $MRO.  A quick glance at the chart gives us a strategy.  We can see that the GoNoGo Countertrend Correction red arrow earlier in March warned us that we may see a short term correction against the trend and price activity has caused GoNoGo Oscillator to fall to the zero line.  We know that if the “Go” trend is healthy, the oscillator should find support at this level.  If it does, we will see a Go Trend Continuation green circle appear under the price bar which would indicate that momentum is returning in the direction of the “Go” trend.  This would offer a relatively low risk opportunity to enter the trade.

get in touch

Mon - Fri 8:00 - 16:00
Subscription Form
$1.99 / week
Trend Analysis and Charts Delivered Weekly
Flight Path
Pre-Market Monday Morning
Launch Conditions
Delivered Every Saturday Morning
Research Chart Pack
16 GoNoGo Charts Included with Every Report
$9.99 / week
Daily Research
Flight Path
Pre-Market Monday Morning
Launch Conditions
First Thing Saturday Morning
Daily Blast Off
Pre Market Daily
Deploy GoNoGo Indicators on Your Favorite Platforms