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MadNigerian
Mar 31, 2021 5:37 PM

ENERGY TRANSFER Inverted complex H&S - 3.56 RR Long

Energy Transfer LPNYSE

Description

Consolidation since June 20th.
Call it rounding bottom, inverted multiple/complex head and shoulders or perhaps a cup and handle bottom but the idea is the same - BREAK OUT AFTER MONTHS OF CONSOLIDATION

Entry 7.17
Stop loss 6.55
Take profit 9.38

Adjust position size according to risk appetite


Comments or cheers will be appreciated

Comments
DmitryDBMFI
agreed .

ET share is headed up from here.
few fundamental reasons -
1. Reduced correlation with crude oil price reductions .( ET is just not ready to come further down even under under heavy industry down pressure )
2. Recent acquisition is going to skyrocket earnings
3. Binden's infrastructure bill & reopening trend .
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