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What's behind MLP Performances for the Week Ended November 10?

PART:
1 2 3 4 5
Part 4
What's behind MLP Performances for the Week Ended November 10? PART 4 OF 5

Can Plains All American Pipeline Get Upward Momentum?

PAA’s moving average

Plains All American Pipeline (PAA) is currently trading 3.9% below its 50-day SMA (simple moving average) and 21.9% below its 200-day SMA. That could indicate a bearish sentiment in the stock. However, PAA’s better-than-expected 3Q17 earnings, the recent gains in crude oil prices, and a recovery in drilling activity could push PAA above its short-term moving average, resulting in a bullish sentiment. According to Baker Hughes, the US rig count rose to 907 as of November 10, 2017, compared to 898 in the previous week, which is a week-over-week rise of 9.

For details on PAA’s 3Q17 earnings, read What Drove Plains All American Pipeline’s Earnings Growth in 3Q17.

Can Plains All American Pipeline Get Upward Momentum?

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Short interest in PAA

Short interest in PAA was 12.2 million shares as of November 10, 2017. Short interest in PAA as a percentage of float ratio was 2.9%. That’s lower than the previous month’s average of 3.2%. That could indicate a bullish sentiment in the stock. Short interest in PAA is higher than the last one-year average of 2.4%.

PAA’s price forecast

PAA’s 30-day implied volatility was 28.2% as of November 10, 2017. That’s below the 15-day average of 32.6%. Based on its current implied volatility, PAA could trade at $20.27–$21.91 in the next seven days. It’s expected to trade within that range 68% of the time. That assumes a normal distribution of prices.

In the next part, we’ll look at last week’s rating updates for MLPs.

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