After dropping from about $160 to $135, Marathon Petroleum (MPC) appears to have caught strong double bottom support. It’s also over-extended on RSI, MACD and Williams’ %R. Plus, the company’s Chief Commercial Officer, Ricky Hessling just bought 2,000 shares of MPC for just under $270,000. The company also just paid out a quarterly dividend of 91 cents per share on March 10 to shareholders of record as of February 19.

Helping, oil prices are just starting to push higher, as well.

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Last trading at $68.51, crude could easily race higher with renewed tension in the Middle East. Not only is Israel and Hamas ceasefire over, but the U.S. has been pounding away at the Houthis. There’s also potential conflict with Iran.

“Any further attack or retaliation by the ‘Houthis’ will be met with great force, and there is no guarantee that that force will stop there. Iran has played ‘the innocent victim’ of rogue terrorists from which they’ve lost control, but they haven’t lost control,” President Trump said.

Sincerely,

Ian Cooper