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MPC: Potentially Fake Bearish Head & Shoulder Formation

Long
Marathon Petroleum Corporation (NYSE:MPC)  
TradingNeophyte  
NYSE:MPC   Marathon Petroleum Corporation
Chart Patterns Technical Indicators Fundamental Analysis
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chartpattern indicator fundamental
MPC is forming the right shoulder of a Head & Shoulders trend reversal pattern.

Company in its latest earnings call has $9B planned for stock buyback at opportunistic prices. The buyback should mitigate downward trend as indicated by bearish Head & Shoulders pattern. Price should breach the previous shoulder high of $60.02.
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