Has anyone been following MMP long enough to have a good "feel" for its near term support level? I watched its action Friday, and when it closed below its opening level, it seemed to me to bear watching for awhile, rather than buying. Any thoughts/observations? Thanks, Athena
I know you like technical supports and charts. I suggest that MLPs are bough long tgerm by many and there is a correlation between long term interest rates, distribution rates, acquisitions or lack thereof, historical rate of distribution increases, commodity exposure (read APL), and company management quality, market cap more than technical trading in MLPs.
ARB, if you remember I was pretty modest about my chart-reading abilities -- more common sense and looking at trend lines, grin. That said, it still looks to me as though there's another down leg in MMP -- Yes, I'm basically a long-term holder, and I'm trying to match the skill of your purchase in EPD -- as I recall you "dripped" some in the 23's, right? Well I paid 25.10 for 10K of it, grin. Good holding, but coulda done better, right? Athena
OK, since nobody bit on my question about where he thinks MMP has support, I went to the charts myself. Although I'm not much of a chart reader, it looks to me to have decent support in the low 30's, but stronger overhead resistance at 33 -- definitely not a short-term trade, grin. Caveat, I'm often wrong, but I'm waiting for a real dip to buy. No dip, no buy.