“Refining” Success:
The refiners have been enjoying a nice run within the energy space. PRICE action is the best way to verify that and below is a prime example with the daily chart of MPC. The stock is now 11% off its most recent 52 week highs, but that is a bit misleading as it trades just off 8 month highs here. The last 3 1/2 weeks have digested a big move during a 6 week winning streak the weeks ending between 4/11-5/16, with the last 5 of those weeks CLOSING at or near the top of the WEEKLY range. Looking at the WEEKLY chart it is going for its fifth straight CLOSE above the 50 WEEK SMA and it is offering up an add-on above a double bottom trigger of 174.72 in the near term. It is always a good sign when peers are acting well, as you do not want to see a prospective long be the only name doing well and as one can see here VLO has carved out a double bottom with handle trigger of 135.67. If this can get above its 50 WEEK SMA it could be off to the races as it was pushed back there 5 times since the start of Q4 ’24.