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Possible Bullish Inside Day Candle Pattern Detected for Enterprise Products Partners (NYSE:EPD)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Enterprise Products Partners (NYSE:EPD) based on the price action in the company's shares. Today's price range of $28.67 and $28.92 is within yesterday'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 Enterprise Products 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.

Enterprise Products Partners L.P. provides processing and transportation services to producers and consumers of natural gas liquids. The Company generally processes products that are ultimately used as feedstocks in petrochemical manufacturing, in the production of motor gasoline, and as fuel for residential and commercial heating.

Enterprise Products Partners (NYSE:EPD) has potential upside of 22.5% based on a current price of $28.72 and analysts' consensus price target of $35.19. Enterprise Products Partners shares have support at the 200-day moving average (MA) of $25.40 and additional support at the 50-day MA of $24.81.

In the past 52 weeks, Enterprise Products Partners share prices have been bracketed by a low of $19.00 and a high of $34.56 and are now at $28.72, 51% above that low price. The 200-day and 50-day moving averages have moved 0.25% lower and 0.90% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Enterprise Products Partners on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $22.92. Since that recommendation, shares of Enterprise Products Partners have risen 26.5%. We continue to monitor EPD for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle enterprise products partners

Ticker(s): EPD