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Sunoco Logistics Partners(SXL - Get Report) is engaged in the transport, terminalling and storage of refined products and crude oil and in the purchase and sale of crude oil. This stock is trading up 4.1% at $46.50 in recent trading.
Today's Volume: 167,000
Average Volume: 180,586
Volume % Change: 200%
>>7 Undervalued Oil and Gas Stocks Ripe for Gains
Shares of SXL are moving higher today after Robert W. Baird initiated coverage on this stock with an outperform rating and a $53 price target.
From a technical perspective, SXL is spiking higher here with decent volume, and it's started to break out above some near-term overhead resistance $44.99.
Traders should now look for long-biased trades in SXL as long as it's trending above today's low of $44.54 with strong upside volume flows. I would consider any upside volume day that registers near or above 180,586 shares as bullish. If SXL can maintain that trend, then this stock has a great chance of hitting $50 in the near future.
That said, SXL has entered overbought territory since its current relative strength index is 82.18. If SXL fails to hold this breakout, then I would avoid it or look for short-biased trades if it moves back below some major near-term support at $43.27 to $42.