8/15 Wednesday

Above $28 bullish trigger

We had that little fake out break there.  This is one of the reason why you should wait until it closes ABOVE your resistance and put your trigger above that closed candle.

currently flirting all around that resistance/support area.. We could possible come down to that a fan line (blue) I drew and bounce back up.    Great bullish trigger at above $28 at your comfort level. Mine is at $28.02.

If get triggered $30.25 is good target and my stop would be around $26.57.

This is only hang-up I see with this trade 200SMA.

When we do get triggered bullish, that 200SMA could act as resistance. However i like the fact that we are at a resting period so that we could have enough momentum to push through when we do break out bullish.

8/22 Wednesday

Bullish Engulfing at Support

Notice that every time it hit that uptrend line, we closed with dark candle however we bounced up.  <— amazing.

But today we CLOSED with Bullish Engulfing pattern which is very strong bullish signal.

So last three times, it hit that pivot, we jumped up even with dark candle which affirming the true strength of that uptrend support.  And today we hit that support with very strong bullish candle.  I think I might get triggered bullish tomorrow.

(*Note:  My bullish trigger is still the same as when I first posted this article)

Watch 200 SMA there getting very close which could slow things down a little.

I really don’t think its going to be a huge deal since $MRO has not been really respecting 200 SMA.

9/6 Thursday Mid Afternoon

Ooh I just realized i did not update this.  So I got triggered bullish like late last week.  I think i put my bullish trigger too tight.

And I set my stop where you see it and was just HOPING that it would push through that resistance and it did!!

Awesome stuff because I almost got stopped out yesterday as you can see that lower wick barely missed my stop.

My ultimate goal is $34 but possible take the profit earlier. Will update more later.

9/9 Sunday – Looks bullish with 1 hiccup

ok so we are just hitting the 200SMA at the moment and many are wondering if we can have enough momentum to push through.  In my opinion, I don’t it’s big deal not because I am on this bullish trade but because looking at the facts.

If you look at the past price level where 200 SMA hits, it doesn’t become a PIVOT area. It does slow the stock down a little bit but generally $MRO continues to its direction after a little rest while pushing through 200 SMA.

SO my conclusion is that we may slow down but I believe its gonna continue bullish until it reaches at least my first target.

Because we pushed through our initial resistance area, I have moved my stop. And also just in-case 200SMA becomes a solid resistance.

$30.40 is still my 1st target and from everything else, it still looks very bullish.

9/11 Tuesday

Just like I’ve expected that 200 SMA wasn’t a problem. We pushed right through it today. Which is great.

Also look at those moving averages.  We haven’t seen those angles and separations since 4-5 months ago on that bearish run.  Very very bullish looking at those averages.

Volume picked up again with good looking white candle today. Little bit of upper wick but its alright.

My 1st target $30.40 we might reach tomorrow.  $32 is my 2nd target. I would only stay to get to 2nd target if the Indexes are bullish this week. If not, I will probably close it out.  But overall, great bullish momentum is building on $MRO.

9/13 Thursday – Getting close to the target 1

Another bullish run today.  Moved up my stop.  Depending on how the market plays, I might close out all my positions tomorrow.

9/14 Friday Morning – Blew through my target 1

Also blew through a major resistance and heading towards to my 2nd target which is at around $32.  Initially didn’t have target 3 but with this huge moves we are having my 3rd target is at around $35.  I’ve also moved my stop just below today’s candle but I will move it little higher after close.  VERY VERY NICE MOVES!

Late Afternoon – Closed out my bullish positions

I am still very bullish on $MRO looking at longer term but for short-term we are seeing many indicators at overbought territories.  Possible pull back is expected.  Those Oscillators needs to be reset to continue bullish.  Moving Averages are just fantastic as far as looking at bullish move for longer term.   I am satisfied with my ROI on my calls and the market showing some hesitation at resistance so I decided to pull out.