The main view of this trade idea is on the 2-Hour Chart. The stock MPC appears to have broken out from a symmetrical triangle setup, with the resistance line making lower highs of 65.30 and 60.50 and the support line making higher lows of 50 and 53.30. The stock broke 2 levels of resistance, one at the resistance of the symmetrical triangle and the other at a horizontal of 65.30. Expectations are for MPC to continue higher and test the 75 price level. If the pattern fails, MPC can decline back below the 65.30 resistance.
From a longer term perspective MPC is trending higher, with support observed around the 64.72 price level.
The technical indicators corroborate the trending nature of MPC . The stock is trading above its short (50-MA), medium (100-MA) and long (200-MA) moving averages. The is above 50 and the KST just recently had a positive crossover.
The recommendation will be to go long at market, with a stop loss at 64.70 and a target of 75. This produces a risk/reward ratio of 1.75.
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes.