Enterprise Products Partners Short term Bullish Reversal
Published on Thursday, 12 July 2012 04:06 Written by TradersHuddle Wire
New York, July 12th (TradersHuddle.com) - Shares of Enterprise Products Partners L.P. (NYSE:EPD) ended the trading session higher by $0.69 or 1.34% from its previous close. Enterprise Products Partners' price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.
Enterprise Products Partners L.P. (NYSE:EPD) provides processing and transportation services to producers and consumers of natural gas liquids. The Company processes products that are ultimately used as feedstocks in petrochemical manufacturing, in the production of gasoline, and as fuel for residential and commercial heating.
Enterprise Products Partners' recent stock range was formed by a trough where calculated support was defined at $45.67 and by a peak that established the resistance level at $51.96. This range could be used by traders managing their positions.
Traders wanting to establish a position in Enterprise Products Partners or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.
The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:
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