Energy Transfer Equity LP. is an American energy group. The company owns natural gas and NGL pipelines, oil pipelines and over 1,340 filling stations in the USA. In the following analysis, we will go into detail on the company stock from a chart-related point of view.
Review (daily chart)
The year 2017 initially ran in an unattractive sideways phase, which was exited at the beginning of May with dynamism and volume. Most recently, it went pretty rapidly downwards, with a break of the SMA 200. The downward trend in the day is now clearly visible, and after the last stronger correction, there are now opportunities to participate in the next downward movement, with a potential of over 20%.
Outlook hourly chart
In the hourly chart, we can see the correction that took place, which has already turned in the direction of our trading orientation. For a short entry, we should wait for a signal to form, e.g. in the form of a P2, and place the stop loss above the last P3 (shown in green). Alternatively, and with the advantage of a more favorable stop, one could also practise trading from out of the correction or the formation of a reversal bar at a significant point.
The targets are located in the area around $15.00 down until the area of approx. $13.80 (see green zones in daily chart), which makes the stock even more attractive for short entries. If the price considerably exceeds the last significant high at $18.10, we should desist from the short scenario for the time being (shown in red in the daily chart).
Before trading, one should take news in the environment and from the company into account. Similarly, one should also pay attention to the development of the overall market.
Neither the author nor our company is invested in the securities and underlyings discussed at the time of publishing this analysis.
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