I sometimes look at mutual funds, but this is the first time I have decided to look at a fund for Kamich's Korner.
MainGate MLP Fund (IMLPX) has corrected recently but it is turning back up and could make new highs in the coming weeks.
In this daily line chart of IMPLX, above, we have less information than we normally work with -- here we only have the closing price. No volume, but we do have price and we can use trending following indicators like moving averages and the MACD oscillator. IMPLX just closed above the 50-day moving average line. The 200-day moving average line is pointed up. The MACD oscillator crossed to a cover-shorts buy signal from below the zero line -- similar to the signal in November when prices dipped toward the rising 200-day line.
In this weekly line chart of IMPLX, above, we can see prices are above the rising 40-week moving average line. The weekly MACD oscillator has been above the zero line since late June and could turn up (with price) to a fresh go-long signal.
Bottom line: If you prefer a fund, consider going long IMPLX here for a potential advance to $12.