Good technical signals and a possible breakout for MPLX LP (NYSE:MPLX).

Our stock screener has spotted MPLX LP (NYSE:MPLX) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:MPLX.

Deciphering the Technical Picture of MPLX

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Overall MPLX gets a technical rating of 10 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 short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• Looking at the yearly performance, MPLX did better than 90% of all other stocks. We also observe that the gains produced by MPLX over the past year are nicely spread over this period.
• MPLX is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 89% of 211 stocks in the same industry.
• MPLX is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so MPLX slightly outperforms the market at the moment.
• In the last month MPLX has a been trading in the 51.46 - 54.87 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

For an up to date full technical analysis you can check the technical report of MPLX

How do we evaluate the setup for 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 MPLX is 8:

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 support zone below the current price at 53.44, a Stop Loss order could be placed below this zone.

How to trade MPLX?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Of course, there are many ways to trade or not trade MPLX and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

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.