Marathon Petroleum (MPC) defends support

Marathon Petroleum (MPC) defends key support after reporting earnings

MPC has struggled after reporting earnings yesterday but is so far defending key support from 183.00 to 175.75, which is the mid 2024-late 2025 basing pattern breakout point and the rising 26-week moving average (WMA). Continuing to hold this key support would keep the base breakout intact with upside potential to 221.11 (April 2024 peak) and 250 (pattern count).

MPC remains within a bullish trend from late 2024 relative to the S&P 500, which is reinforced by rising WMA support.

We highlighted a bullish setup for MPC in our September 25 The Stock Pulse.

Chart 1: Marathon Petroleum (MPC) (top) and relative to the S&P 500 (bottom)