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

Sep 11, 2023 | Team Kalkine

Read Time :5 min

Marathon Oil Corporation

Company Overview: Marathon Oil Corporation (NYSE: MRO) is an exploration and production company. The Company is focused on the United States resource plays, which includes the Eagle Ford in Texas, the 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 Daily report published on ‘MRO’ on 27^thJune 2023, Kalkine provided a ‘Buy’ stance on the stock at USD 21.97 based on “positive free cash flow, outperformance in the quarter, synergies through acquisition, key risks associated and current valuation” and the stock price has now moved by ~25.39% since then and the price has crossed resistance 1 and resistance 2.

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 28.00 – USD 30.00, resistance 1 and resistance 2 attainment, current trading levels, risks associated, and volatile market conditions on the back of rising interest rates, a ‘Sell’ rating is assigned to the “MRO” at the current market price of USD 27.55 (as of 11 September 2023, at 06:50 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 September 11, 2023. 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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