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Mid-Con Energy Partners (
MCEP) owns, operates, acquires, exploits and develops oil and natural gas producing properties in the Mid-Continent region of the U.S. This stock closed up 3% at $23.90 on Wednesday.
Wednesday's Volume: 140,000
Average Volume: 71,567
Volume % Change: 98%
>>5 Stocks Poised for Breakouts
From a technical perspective, MCEP jumped higher here back above its 50-day moving average of $23.36 with above-average volume. This move has pushed shares of MCEP into breakout territory, since the stock took out its 50-day and some near-term overhead resistance at $23.56.
Traders should now look for long-biased trades in MCEP as long as it's trending above Wednesday's low of $23.08 or $23, and then once it sustains a move or close above Wednesday's high at $24 with volume that's near or above 71,567 shares. If we get that move soon, then MCEP will set up to re-test or possibly take out its next major overhead resistance levels at $25 to its all-time high at $26.50. Any high-volume move above $26.50 will then put $30 into range for shares of MCEP.