This Foreboding Sign Looms Over Marathon Petroleum's Chart
Portfolio Pulse from Benzinga Insights
A 'death cross' has formed on Marathon Petroleum's (NYSE:MPC) chart, indicating a potential bearish trend for the stock. The death cross occurs when the 50-day moving average moves below the 200-day moving average, signaling a possible change in the long-term trend.
June 16, 2023 | 2:54 pm
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Marathon Petroleum's chart shows a 'death cross', indicating a potential bearish trend for the stock. This could lead to a decline in the stock price in the short term.
The 'death cross' is a technical indicator that occurs when the 50-day moving average moves below the 200-day moving average. This is generally considered a bearish signal, indicating that the stock's long-term trend may be changing. As a result, the stock price may decline in the short term. However, it is important to note that seasoned investors do not blindly trade based on the death cross, but rather use it as a signal to start considering possible short positions based on other factors, such as price levels and company fundamentals.
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