Stocks are continuing to decline today and Kinder Morgan Energy Partners LP (NYSE:KMP) is no exception. This pipeline transportation and energy storage company has seen a nice decline since putting in a high of $84.98 last week. While it may look oversold and ready to bounce to some. I will look slightly lower on the chart to around the $78.15 level as a good entry point for a long trade. That is where Kinder Morgan Energy Partners LP (NYSE:KMP) could see a nice bounce and traders could be able to profit on the long side. Watch this level, keep it on your charts and be ready to act when the time is right.
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