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Possible Bullish Inside Day Candle Pattern Detected for Energy Transfer Partners (NYSE:ETP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Energy Transfer Partners (NYSE:ETP) based on the price action in the company's shares. Yesterday's price range of $35.82 and $37.18 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Energy Transfer Partners may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Energy Transfer Partners, L.P. owns and operates a diversified portfolio of energy assets. The Company's operations include natural gas gathering and transportation pipelines, with natural gas treating and processing assets located in Texas, Oklahoma, and Louisiana. Energy Transfer markets propane from retail locations in various states across the United States.

In the past 52 weeks, Energy Transfer Partners share prices have been bracketed by a low of $18.62 and a high of $59.09 and closed yesterday at $36.86, 98% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has advanced 1.1%.

There is potential upside of 61.1% for shares of Energy Transfer Partners based on a current price of $36.86 and an average consensus analyst price target of $59.38. The stock should find resistance at its 200-day moving average (MA) of $37.10, as well as support at its 50-day MA of $31.18.

SmarTrend is monitoring the recent change of momentum in Energy Transfer Partners. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Energy Transfer Partners in search of a potential trend change.

Keywords: bullish am inside day candle energy transfer partners

Ticker(s): ETP