Elliott Wave View: MRO Pullback Should Supported & Extend Higher

Marathon Oil Corporation ( MRO ) is from Energy sector working as Independent Oil & Gas Exploration & Production. MRO is headquartered in Houston, Texas. It trades under MRO ticker at NYSE.

MRO made all time low Since 1969 during Covid pandemic sell off at $3.02 low on 4/01/2020. Thereafter it started higher high sequence. Currently it is trading at $16.18 as closing price in last trading session. Since the ATL, It made the higher high sequence along with Energy sector & started out-performing since 8/20/2021 low. It is having (3) wave extension of ((3)) wave extension within impulse.

Daily Elliott Wave View – MRO from 4/01/2020 Low:

From 4/01/2020 low, it started the primary degree ((1)) that ended at $8.48 high on 6/08/2020. While ((2)) ended at $3.73 low on 10/29/2020. The ((2)) was 0.854 retracement of ((1)) as dip correction. Thereafter the nest structure in wave ((3)) extension started which ended at $14.33 high on 7/01/2021 in 13 swings. The ((4)) ended at $10.41 low on 8/20/2021 at 0.382 retracement against ((3)). 0.382 is the common Fibonacci retracement level for wave four correction. Currently it is in ((5)) and expected to make two more highs within the cycle before any larger pullback unfold. The following chart shows the daily sequence started from 4/01/2020 low.

2-Hour Elliott Wave Analysis – MRO from 8/20/2021 low

In 2 hour, MRO favored ended 3 minor degree at $16.60 high & 4 proposed ended at $15.40 low as 0.236 retracement against 3. While above $15.40 low, it expect to extend higher in 5 of (3) towards $16.90 or slightly higher levels. As far as it is outperforming the sector, it can extend higher up to $17.40 level or even higher. Once the primary cycle ends, we can see the larger pullback against the sequence started from April-2020 low.

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-view-mro-extend-higher/