Buckeye Partners ( BPL) owns and operates refined petroleum products pipeline systems. This stock closed up 0.76% at $66.43 in Monday's trading session.
Monday's Volume: 1.67 million
Three-Month Average Volume: 407,520
Volume % Change: 189%
Three-Month Average Volume: 858,142
Volume % Change: 170% >>5 Stocks Hedge Funds Love This Fall From a technical perspective, PENN spiked higher here right above some near-term support at $54.97 with strong upside volume. This stock has been uptrending strong for the last two months, with shares moving higher from its low of $48.70 to its recent high of $57.44. During that move, shares of PENN have been making mostly higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of PENN within range of triggering a near-term breakout trade. That trade will hit if PENN manages to take out some near-term overhead resistance levels at $56.67 to $57.44 with high volume. Traders should now look for long-biased trades in PENN as long as it's trending above its 50-day at $54.40 or above its 200-day at $53.53, and then once it sustains a move or close above those breakout levels with volume that's near or above 858,142 shares. If that breakout hits soon, then PENN will set up to re-test or possibly take out its 52-week high at $59.93.
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