Magellan Midstream Partners has still an uptrend and is going toward its highest level.

The company shows strong fundamentals. Firstly, the high valuation of the group shows a great investors confidence in it because there are willing to pay a high price for the stock. Moreover, the consensus revised strongly upward EPS estimates for this year and that let see a great potential for the security on the stock market.

Technically, the security shows a bullish configuration on all time scales. Prices are supported by increasing moving averages and the breakout of a bullish trend-line. In weekly data, 20-week moving average helps the stock to keep its uptrend.

Therefore, taking into account the strong fundamentals and technical patterns, it seems opportune to take a long position at the current price in order to benefit from a continuation of the trend. The first target price is the USD 65.15 resistance. A breakout of this level will be a new bullish signal for higher target price (the weekly resistance at USD 69.35). A stop loss will be placed under the USD 59, corresponding to the 20-day moving average.