Getting The Jump On MPC's Rally
by Mike Paulenoff
April 3, 2022 • 6:50 PM EDT
On Monday March 21 Mike Paulenoff posted a bullish alert on MPC (Marathon Petroleum Corp) to MPTrader members, writing:
"MPC popped out of my research over the weekend largely because its technical setup argues that all of the action off of its February high at 81.39 (see my attached Daily Chart) has carved out a high-level bullish digestion period and pattern above 72.50, and if preserved, projects to a thrust into a new upleg above 81.39 towards my next optimal target zone of 88 to 92 thereafter. Today's up-gap open and climb above the prior rally peak (79.93 in 3/11) has the right look of the initiation of a new upleg. As long as any forthcoming weakness is contained above my first warnings level at 75.50, my work will remain 'very friendly' to higher prices in MPC."
MPC was trading at 79.38 at the time, and within 36 hours of Mike's post the stock was off to the races. It thrust into the anticipated new upleg that propelled prices relentlessly higher for a 10-session stretch that hit a high of 87.10 last Friday, April 1, 2022, a full 9.7% above the price when Mike issued his alert.
In Mike's MPC analysis posted this past Friday morning, he commented: "While the price of oil is under pressure, oil exploration names remain bid this AM... We see MPC indeed thrust out of a bullish Coil formation back on 3/21 and has not looked back since, climbing to a new high at 86.68 as we speak this AM, en route to my next optimal target zone of 88-92. Only a reversal and close beneath 82.60 will argue that the current upleg has peaked... Last is 86.64."
MPC is another example of Mike's actionable tactical technical signals he posts to our discussion room multiple times during trading hours every day, in addition to religiously discussing and answering member inquiries about individual stocks, macro indices, equity futures indices, ETFs, commodities, and cryptocurrencies.
Join Mike and our members for this week's idea generation that is designed to help you benefit and profit from trend analysis in the macros indices, energy, autos, financials, big technology, and much more.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
At the close of trading on December 18, 2024, this was my final thought posted to our discussion room at MPTrader.com:ES (March 2024 E-mini SP 500)-- Stating the obvious: Today's reaction to the FOMC Rate CUT (!!) inflicted serious near-term technical damage to the dominant, post-August uptrend... Last 5960.75...Thirty minutes after the close on December 18, 2024, I followed up with this commentary for MPTraders:My preliminary "conclusion" about today's outsized 3.
On December 20, 2024, this is what we discussed about the relentless four-week correction from NVDA's ATH at 152.89 (11/21/24) to a low at 126.35 on 12/20/24:Three Times is a Charm? For the third time this week, NVDA spiked down into the lower reaches of my optimal corrective target window from 132 to 125-- this AM representing the latest spike low at 126.35-- and for the third time, buyers emerged, propelling NVDA higher to 130-132. As we speak, NVDA is trading at 131.
On December 13, 2024, with NVDA trading at 132.54, down 13.3% from its All-Time High at 152.89 (11/21/24), and bearing down on a critical 8-week support plateau at 131-132, this is what I posted to MPTraders:NVDA Update: Approaching key support in the vicinity of 132 that if violated and sustained, could unleash the downside potential derived from a two-month top formation (everyone sees the Head and Shoulders formation by now).
Friday afternoon, fifteen minutes before the closing bell in the equity indices, this was my parting comment about Bitcoin:Heading into the weekend, the technical setup argues against holding shorts in Bitcoin... no?...
Many of you have been members of MPTrader for years, perhaps decades (I have been providing MPTrader.com analysis since February 2003!). Rarely do I take a victory lap about my stock, ETF, and market calls, largely because I have always thought my work should speak for itself, which obviates the need to bloviate and beat my chest to stroke my ego. At my core, I am a market nerd and Geek, not a slick-talking marketer (for better or worse).
