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- 1 ET stock price recovered approximately 10% from the recent swing low of $12.50.
- 2 Energy Transfer stock price broke the $13.35 hurdle and hit a 52-week high.
- 3 ET stock price sustains above 50-day and 200-day EMA showcasing an uptrend.
The ET stock price showed a surprising recovery of approximately 10% from its recent swing low. It formed a bullish continuation pattern and rose upward by forming higher high candles.
Energy Transfer stock price is in an uptrend, and the Exponential Moving Average (EMA) trending upward. This signals an active presence of buyers in the market. So if any short-term correction triggers, then selling pressure is likely to get absorbed by the buyers.
In the middle of August, the ET stock price took support near $12.50 and formed a bullish engulfing candle. Later, the buying volume surges, and prices begin to recover by forming higher highs.
It broke through the $13.35 hurdle, which further boosted the confidence of investors. The recent breakout looks reliable, so more upward momentum is possible.
The broader market indices are recovering, which improves market sentiment and fuels a further rally in stocks. The current prices have gone far away from the EMA, so a minor retracement is possible.
On the lower side, the 50-day EMA will act as immediate support, and buyers will try their best to bounce back. Energy Transfer stock closed the previous session at $13.60 with an intraday decline of -1.16%. The market capitalization stands at $42.75 Billion.
ET Stock Price Is Highly Bullish
ET stock price is in a bull grip, and positive momentum is still intact. The stock prices have rallied a lot, so a narrow-range consolidation is expected for base formation.
On the higher side, $14.00 will act as an immediate hurdle for bulls. If the momentum continues and buyers succeed in breaking the $14.00 hurdle, then the next phase of the rally might trigger.
On the lower side, if the Energy Transfer stock price drops below the 50-day EMA, then the stock will enter a wide range of consolidation.
Energy Transfer Stock Price is Bullish on Multiple Time Frames
Energy Transfer stock price is bullish on a daily, weekly, and monthly time frame. The investors look confident and remain positive about the future outlook of the company.
The MACD curve slopes upward and generates a positive crossover. The histogram bar is green, which indicates bullishness and the strength of the bulls.
The RSI of 59, indicating the strength of the rally and more room for upside, is open. The supertrend indicator also favors the bulls, and the trend remains upward.
Conclusion
The ET stock price recovered approximately 10% from the recent swing low. It formed a bullish pattern, which showcased the strength of the bulls. The technical analysis suggests that Energy Transfer’s stock price is in a bull’s grip and more upward momentum is possible.
Technical levels
- Resistance levels: $13.35 and $14.00
- Support levels: $12.50 and $12.00
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
