The Hourly View for MMP
At the moment, MMP (Get Ratings)’s price is down $-0.26 (-0.49%) from the hour prior. MMP has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
MMP ranks 112th in terms of today’s price percentage change out of Transportation stocks.
MMP’s Technical Outlook on the Daily Chart
Currently, MMP’s price is down $-0.42 (-0.78%) from the day prior. This move is a reversal from the day prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 day timeframe. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. Magellan Midstream Partners LP’s price action over the past 90 days can be seen via the chart below.
For MMP News Traders
Investors and traders in MMP may be particularly interested in the following story that came out in the past day:
Magellan Midstream Announces Sale of Independent Terminals
Magellan Midstream Partners, L.P. (NYSE: MMP) announced today an agreement to sell its independent terminals network comprised of 26 refined petroleum products terminals with approximately 6 million barrels of storage located primarily in the southeastern U.S. to Buckeye Partners, L.P. for $435 million.
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