MPLX (MPLX - Get Report) owns, operates, develops and acquires crude oil, refined product and other hydrocarbon-based product pipelines and other midstream assets in the U.S. This stock closed up 3.6% to $45.21 in Monday's trading session.
Monday's Volume: 485,000
Three-Month Average Volume: 101,571
Volume % Change: 438%
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From a technical perspective, MPLX bounced sharply higher here right above some near-term support at $43 with heavy upside volume. This move pushed shares of MPLX into breakout and new all-time-high territory, after the stock took out some near-term overhead resistance at $44.97. Market players should now look for a continuation move higher in the short-term if MPLX can manage to take out Monday's high of $46.12 with high volume.
Traders should now look for long-biased trades in MPLX as long as it's trending above support at $43 and then once it sustains a move or close above $46.12 with volume that hits near or above 101,571 shares. If we get that move soon, then MPLX will set up to enter new all-time-high territory, which is bullish technical price action. Some possible upside targets off that move are $50 to $55.