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Energy Transfer LP (ET) “On a long-term technical basis, the stock (ET) is trading below its 200-day moving average which implies it is in a negative trend. However, the stock has broken up through an important long-term resistance level at 7.19 suggesting the long-term down trend could be turning neutral. If this new level of support at 7.19 holds, look for a move higher to the next resistance level at 9.91.
The stock has support at 7.19 and 6.46. If the stock breaks down through support at 7.19 then it will probably continue lower to 6.46. The stock has resistance at 8.76 and at 9.91. If the stock breaks up through resistance at 8.76 then it will probably continue higher to 9.91. The 200-day moving average is at 11.53. This will also act as resistance. The stock is extremely overbought according to the Stochastic Indicator (86.03), so look for a possible pullback soon. Confirm this with the Short-Term and Daily Opinion to keep from exiting prematurely.”
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