Sunoco Logistics Partners

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Sunoco Logistics Partners ( SXL) 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%

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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.

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