Inergy Midstream

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Inergy Midstream ( NRGM) owns, operates, develops and acquires midstream energy assets. Its current asset base consists of natural gas and NGL storage and transportation assets located in the Northeast region of the U.S. This stock closed up 3.1% at $25.06 on Friday.

Friday's Volume: 344,000
Average Volume: 208,135
Volume % Change: 115%

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From a technical perspective, NRGM jumped higher here right above some near-term support at $24 with above-average volume. This stock has been uptrending strong for the last few weeks, with shares soaring higher from its low of $21.03 to its intraday high on Friday of $25.06. During that uptrend shares of NRGM have been consistently making higher lows and higher highs, which is bullish technical price action. This stock has also seen extremely bullish upside volume flows during that move. Shares of NRGM are now quickly moving within range of triggering a major breakout trade. That trade will hit if NRGM manages to take out its all-time high at $26.01 with high volume.

Traders should now look for long-biased trades in NRGM as long as it's trending above $24 or above its 50-day at $23.02 and then once it sustains a move or close above its all-time high at $26.01 with volume that hits near or above 208,135 shares. If that breakout triggers soon, then NRGM will set up to enter new all-time high territory, which is bullish technical price action. Some possible upside targets off that breakout are $30 to $33.

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