Magellan Midstream Partners (MMP) is a publicly traded partnership that primarily transports, stores and distributes petroleum products. The stock was raised to an "overweight" rating with a $57 price target by a major sell-side firm Wednesday. Let's check out the charts and indicators.
In the daily bar chart of MMP, below, we can see two trends over the past 12 months. One larger trend is sideways with prices trading between $45 and $53 for much of the past year. Another trend is up as prices have made higher lows and higher highs from late December. MMP has been crisscrossing the 50-day and 200-day moving averages for several months.
The trading volume looks like it is increasing from January. The On-Balance-Volume (OBV) line shows a decline into February followed by a modest rise. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line but only slightly.