Long

MPLX - Ready to break higher

Updated

Price has been slowly rising while contracting a lot those last few weeks.
It's not a bad idea to try to buy now imho.
Stop at today's low @36.46 or a bit lower @36.30.
Target is open for now

Note

Look to sell some on strength this week.

Note

Since this is a more short term trade, I'm closing 50% of my position if price drops below 40.70$ to assure myself a nice gain of +17R on that half and put the rest into my already existing longer term portfolio from 2020 and continue to let it do its thing simply because I believe this to be an ongoing third wave on the Monthly Chart.

I'm interested in the potential increase in price of this stock as well as in the nice increasing dividends it has, which was also one of the reasons I first bought this back in 2020.

Note that I of course will not let my latest buy turn into a loser but I don't mind giving back some gains if I have the potential for this to run up to 80$ in the coming months especially if it keeps increasing its dividends.

If you're not in this yet, you can use any pullback to the 20EMA or 50EMA on Daily or Weekly to spot a buy point with as little risk as possible.

ElliottWaveBelgium

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