Weaker technical forecast for Energy Transfer L.P. as stock downgraded to Hold/Accumulate.
(Updated on Oct 15, 2021)

The Energy Transfer L.P. stock price gained 0.50% on the last trading day (Friday, 15th Oct 2021), rising from $9.94 to $9.99. During the day the stock fluctuated 1.31% from a day low at $9.94 to a day high of $10.07. The price has been going up and down for this period, and there has been a 2.46% gain for the last 2 weeks. Volume fell on the last day by -5 million shares and in total, 10 million shares were bought and sold for approximately $104.83 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at $10.08 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Energy Transfer L.P. stock with a 90% probability to be traded between $8.73 and $10.08 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

Signals & Forecast

The Energy Transfer L.P. stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $9.90 and $9.51. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, October 04, 2021, and so far it has fallen -0.89%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss

Energy Transfer L.P. finds support from accumulated volume at $9.94 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.13 between high and low, or 1.31%. For the last week, the stock has had a daily average volatility of 2.08%.

Our recommended stop-loss: $9.64 (-3.52%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 9 days ago.)

Is Energy Transfer L.P. stock A Buy?

Energy Transfer L.P. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.113

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