Marathon Oil Corp: MRO Stock Falls About 12% Over the Past Month 

• Marathon’s (MRO) stock dropped roughly 12% over the past month.
• The year-to-date return of MRO stock is -7.83%, and the three-month return is +9.48%.
• MRO stock closed at $24.59, with a gain of 1.44% in the pre-market trading.

Marathon Oil Corp. is a Houston, Texas-based independent company that explores, produces, and markets liquid hydrocarbon and natural gas. It operates domestically in the USA and internationally to produce oil and gas with a market capitalization of $14.89 Billion and an average volume of 10.81 Million shares. 

The MRO stock price has dropped around 12% over the past month. It is trading near $24, showing its dominance in the market. Moreover, the weekly and monthly returns display an opposing outcome of 10.68% and 8.96%, respectively. Hence, the sellers heavily shattered the price in the past week. 

Recently, MRO stock closed at $24.59 while witnessing a gain of 1.44% in the previous intraday session. The stock gained more than the S&P 500’s daily gain of 1.18%. The price has slight strength as it surged about 3% after forming a solid support at $24.01 level. 

If Marathon Oil’s stock attracts more buyers, the price might surge toward $26 and retest the previous resistance level of $27.63. On the other hand, if the ongoing bearish momentum remains constant, the price might melt towards the $23 mark. 

Marathon Oil Scheduled to Announce Its Q3-2023

Market participants will be eagerly waiting for the following financial report. Marathon Oil Corp. is scheduled to announce its Q3-2023 report on November 1, 2023. The company’s upcoming EPS (earning per share) estimated forecast is $0.65, a 46.77% drop compared to the same quarter of the prior year.

Meanwhile, the Zacks Consensus Estimate of 3rd quarter revenue is projected at $1.7 Billion, down by 24.21% from the year-ago period. According to Zacks Investment Research and based on 13 analysts’ forecasts, the full-year estimated forecast of EPS and revenue are $2.64 and $6.64 Billion, respectively. 

Will the Bearish Momentum Sustain?

Marathon Oil Corp’s (NYSE: MRO) stock price is hovering below the 20, 50, 100, and 200-day EMAs. It indicates a heavy dominance of bears in the price action. 

The Relative Strength Index (RSI) is trading below the 50-neutral zone, with a score of 38.51. It suggests intense weakness and a rise in sellers’ participation in the market.

The CMF has traded below the 0.00 mark since August 22, 2023. The CMF is at -0.24, reflecting the price pulled in an oversold zone.

Conclusion 

Marathon Oil Corp (MRO) stock faced a bearish dominance recently and is currently trading at $24.59. The recent event shattered the price. Hence, technical parameters suggest weakness in the market. Market analysts believe MRO stock might soon face a correction phase.  

Technical Levels 

Major resistance: $27.68 and $29.85

Major support: $21.63 and $20.57

Disclaimer:

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