New York, March 6th (TradersHuddle.com) - Shares of Energy Transfer Partners, L.P. (NYSE:ETP) ended the trading session lower by $0.3 or -0.63% from its previous close. ETP's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Energy Transfer Partners, L.P. (NYSE:ETP) is a publicly traded partnership owning and operating a diversified portfolio of energy assets. ETP has pipeline operations in Arizona, Colorado, Louisiana, New Mexico, and Utah, and owns the largest intrastate pipeline system in Texas. The company currently has natural gas operations that include gathering and transportation pipelines, treating and processing assets, and three storage facilities located in Texas. And its one of the three largest retail marketers of propane in the U.S.
ETP's current stock range is determined by calculated support defined at $42.00 and by the resistance level at $48.00, which should be used by traders planning their next move.
If traders want to establish a position in ETP, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor ETP for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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