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One NYSE– Listed Oil Stock at Resistance Levels: Marathon Oil Corporation

Mar 18, 2024 | Team Kalkine

Read Time :10 Mins

One NYSE– Listed Oil Stock at Resistance Levels: Marathon Oil Corporation

MRO:NYSE

Investment Type

Large-cap

Risk Level

Action

Rec. Price (US$)

Marathon Oil Corporation

Company Overview: Marathon Oil Corporation (NYSE: MRO) is an independent exploration and production company. The Company is focused on the United States resource plays, which include Eagle Ford in Texas, Bakken in North Dakota, Sooner Trend Anadarko Basin Canadian and Kingfisher Counties (STACK) and South-Central Oklahoma Oil Province (SCOOP) in Oklahoma and Permian in New Mexico and Texas. The Company operates through two segments: United States and International.

As per our previous US Earning Hunter report published on ‘MRO’ on 12^th January 2024, Kalkine provided an ‘Attractive’ stance on the stock at USD 23.26 based on “Earning Hunter ratings, and other fundamentals” and the stock price has now moved by ~14.01% since then and the price has achieved resistance 1 while close to resistance 2 levels.

Noted below are the details of support and resistance levels provided in our previous report:

MRO’s Daily Chart

Considering the resistance around the range of USD 26.00 – USD 28.00, current trading levels, risks associated, and volatile market conditions on the back of higher interest rates, an ‘Unattractive’ rating is assigned to the “MRO” at the current market price of USD26.52 (as of 18 March 2024, 06:55 am PDT).

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is March 18, 2024. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’

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