Marathon Oil (MRO) Approaches New Downside Target of $31.59

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Jan 15, 2013 (Pivot alerts via COMTEX) -- Shares of Marathon Oil (NYSE:MRO) opened today below their pivot of $32.04 and have already reached the first level of support at $31.83. Analysts will be watching for a cross of the next downside pivot targets of $31.59 and $31.14.

Marathon Oil Corporation, through its subsidiaries, is an integrated oil firm with operations worldwide. The Company explores for and produces and markets liquid hydrocarbons and natural gas on a worldwide basis. Marathon also mines, extracts and transports bitumen from oil sands deposits in Alberta, Canada and refines, markets and transports crude oil and petroleum products.

Over the past year, Marathon Oil has traded in a range of $23.17 to $35.49 and is now at $31.72, 37% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

There is potential upside of 21.3% for shares of Marathon Oil based on a current price of $31.72 and an average consensus analyst price target of $38.47. The stock should find initial support at its 50-day moving average (MA) of $30.89 and further support at its 200-day MA of $28.39.

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