Hello 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.
I could be wrong, but i look at this chart and see an obvious cup and handle. I tried to sketch them here on the one hour chart. As you go back on the time frame it becomes a little more clear. Hoping to get others opinions of it. I am long. Going to hold for a minute unless it reverses and tumbles.
Theres 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...
Well, the company financials may look crap but technical analysis and what's happening in the Middle East promise a blue sky future for US oil upstream and transportation industry.
The company pays 24% dividend btw.
MMLP 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 $16 Should a breakout occur, I would expect some sort of retest of the trend line so you should probably tier your profits.
Noticed a rising channel with the price near the bottom of the channel. Possible opportunity to buy into the stock and get some short term gains, or hold it for its nice dividend ($.50).
Note:
The earnings are due on the same day that my jump in point is predicted, which could disrupt the channel assumptions.
Looks to be holding steady but ready for a breakout. Improved oil prices should help move this one up. Will be looking for it to break resistance and move back up.
