ET finds buyers around 5.83 for the third day in a row
Energy Transfer LP (ET) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
ET finished Wednesday at 6.08 surging $0.24 (4.11%), strongly outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on April 29th, ET gained 3.19% on the following trading day.
Daily Candlestick Chart (ET as at Sep 16, 2020):
Wednesday's trading range has been $0.37 (6.29%), that's far above the last trading month's daily average range of $0.20. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ET.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Energy Transfer found buyers again today around 5.83 for the third trading day in a row after having found demand at 5.84 in the prior session and at 5.84 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Outside Bar" stand out. Its common bullish interpretation has been confirmed for Energy Transfer. Out of 100 times, ET closed higher 59.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 63.00% with an average market move of 1.15%.