A 52 Week High for Enterprise Products Partners, will it Hold?

Published on Monday, 16 July 2012 11:34 Written by TradersHuddle Wire

New York, July 16th (TradersHuddle.com) - Shares of Enterprise Products Partners L.P. (NYSE:EPD) booked a new 52 week high today by trading above $52.95, traders are definitely monitoring Enterprise Products Partners' price action to see if this move attracts further buying into the stock.

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 is currently trading 0.13% versus its previous trading session close, and it has calculated support and resistance at $45.67 and $51.96 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading flat by 0% from its previous trading close, which means that Enterprise Products Partners stock is outperforming the overall market.