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Jan 15, 2013 (Moving average crossovers via COMTEX) -- Today, shares of Marathon Oil (NYSE:MRO) have crossed bearishly below their 10-day moving average of $31.88 on a volume of 1.9 million shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.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.
Marathon Oil share prices have moved between a 52-week high of $35.49 and a 52-week low of $23.17 and are now trading 37% above that low price at $31.67 per share. The 200-day and 50-day moving averages have moved 0.01% lower and 0.41% higher over the past week, respectively.
There is potential upside of 21.5% for shares of Marathon Oil based on a current price of $31.67 and an average consensus analyst price target of $38.47. The stock should discover initial support at its 50-day moving average (MA) of $30.89 and subsequent support at its 200-day MA of $28.39.
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