MMLP Trade Plan Confirm breakout with high volume
Now at wave 3 of elliot wave aiming at 1.168 fibonacci 640
scenario 1 buy when inside bar happen and cutloss below the mother bar
Scenario 2 ( buy on retrace ) wait retrace to 610-620
adjust your cut loss below 595
Risk: Missed opportunity
Long term target 735
MMLP
MMLP Looking bullishHello Traders, Based solely on the chart MMLP looks bullish we just got out of that ascending wedge or cup and handle. Either way we have a nice little solid green volume bubble when breaking the TL we might see a retest, I'd prefer bigger volume bars though.
Cup and Handle MMLP I zoomed out and saw an obvious cup and handle formation on MMLP, not perfect shape to it, but really close.
Martin Midstream, Large dividend, and RisingTheres no where to put oil! So finally Martin has something to offer. With the prices so high last yer, this stock didn't do well and it seemed the massive dividend was to keep people around despite it falling off the face of the earth... Now they are needed! Oil won't get better until this is all way behind us, and until that time Martin will be doing well. Look at the recent price action... BULLISH
MMLP Double Bottom breakoutMMLP created a double bottom late march of this year and with earnings in a week we could see a nice breakout from the downtrend it has been in since October of 2013 and a fill of the gap at $16 Should a breakout occur, I would expect some sort of retest of the trend line so you should probably tier your profits.
Opportunity to buy into MMLPNoticed a rising channel with the price near the bottom of the channel. Possible opportunity to buy into the stock and get some short term gains, or hold it for its nice dividend ($.50).
Note:
The earnings are due on the same day that my jump in point is predicted, which could disrupt the channel assumptions.
