Interesting Technical Analysis finding for MPLX LP (NYSE:MPLX)

We've identified MPLX LP (NYSE:MPLX) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:MPLX for further developments.

Deciphering the Technical Picture of NYSE:MPLX

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Overall MPLX gets a technical rating of 9 out of 10. Both in the recent history as in the last year, MPLX has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that MPLX is one of the better performing stocks in the market, outperforming 78% of all stocks. On top of that, MPLX also shows a nice and consistent pattern of rising prices.
• MPLX is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so MPLX is performing more or less in line with the market.
• MPLX is part of the Oil, Gas & Consumable Fuels industry. There are 216 other stocks in this industry, MPLX did better than 57% of them.
• In the last month MPLX has a been trading in a tight range between 34.52 and 35.69.

Our latest full technical report of MPLX contains the most current technical analsysis.

How do we evaluate the setup for NYSE:MPLX?

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:MPLX is 9:

MPLX has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 35.58. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 35.24, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for MPLX in the last couple of days, which is a good sign.

Trading breakout setups.

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.