In-Depth Technical Analysis of MPLX LP.

Our stockscreener has identified a possible breakout setup on MPLX LP (NYSE:MPLX). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:MPLX for potential opportunities.

Insights from Technical Analysis

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

Taking everything into account, MPLX scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, MPLX is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, MPLX did better than 74% of all other stocks. On top of that, MPLX also shows a nice and consistent pattern of rising prices.
• MPLX is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so MPLX is leading the market.
• MPLX is part of the Oil, Gas & Consumable Fuels industry. There are 210 other stocks in this industry, MPLX did better than 69% of them.
• In the last month MPLX has a been trading in a tight range between 41.60 and 43.42.

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

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:MPLX has a 9 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, MPLX also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 43.12. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 42.59, 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.

How can NYSE:MPLX be traded?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

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 technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

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.