MPLX LP

MPLX remains in a bullish medium-term regime but is testing resistance near 52-week highs and is overbought and extended above steeply rising EMAs, suggesting deferred entry until a pullback into the 9/20 EMA support zone for a more favorable risk/reward.

• ↑Q2 net income $1.1B; adjusted EBITDA $1.8B beat estimates.
• ↑Distributable cash flow $1.5B funds a 0.32% dividend yield.
• ↓Raised capex to $2.9B and issued $2.25B senior notes boosts leverage.