After Yesterday's Rally of 2.00% Shares Could Potentially Pullback
Magellan Midstream Partners (NYSE:MMP) traded in a range yesterday that spanned from a low of $75.27 to a high of $77.30. Yesterday, the shares gained 2.0%, which took the trading range above the 3-day high of $76.01 on volume of 428,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
SmarTrend recommended that subscribers consider buying shares of Magellan Midstream Partners on April 21st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $69.99. Since that recommendation, shares of Magellan Midstream Partners have risen 7.8%. We continue to monitor MMP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Magellan Midstream Partners share prices have moved between a 52-week high of $85.49 and a 52-week low of $54.51 and are now trading 42% above that low price at $77.29 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.
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