Leading oil refinery stock, Marathon Petroleum (NYSE:MPC)), has been declining since late October 2019. At that time, the stock was trading around the $69.00 level, but since that high the stock has fallen down to $55.80 a share. Traders should note that MPC stock is now trading below it’s important 200-day moving average. This important moving average is currently at $56.72. This decline below this key moving average signals likely weakness ahead for the stock. The next major support level for MPC stock will be around the $48.00 area. This support area is where the stock was defended in early September 2019. It should be solid support for MPC when it is retested. This is a level where I would look for a long side trade in MPC stock.
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