$EPD Closed above $27.75 recent resistance line appearing to break out from a bullish ascending triangle formation on the daily chart. Expecting further upside from here, targeting $30 level by March. Note: ER later this week.
Adding to the positive sentiment, we saw some bullish options activity today with about 3k $20.00 strike (deep ITM) Jan 2020 call options...
EPD has recently hit a resistance and it is confirmed with bearish engulfing candle. It also making lower high and lower low in the short term chart. It's going down slowly than I expected. My first target is around 26.50 and second target is around 25.8.
Most of my ideas are illustrated in the chart. Strong fundamentals. It's an oil and gas based company, I'm trying to stay away from tech as I feel it's overvalued.
Most likely on Monday I'm going to buy 80-100 shares and set up DRIP (reinvestment of dividends), and it will essentially be my only long hold. I won't set a stop loss, but I will watch it actively....
EPD is running within a channel formation from quite a while, and reached very close to a long term support label. We would consider an aggressive entry here.
* Trade Criteria *
Date First Found- November 15, 2017
Pattern/Why- Downward channel formation, Long from Support
Entry Target Criteria- Break of $23.80
Exit Target Criteria- $28.60
Stop Loss Criteria-...
I do not know what this business does, but it showed up 2 weeks ago on a scan so I've been following it.
It appears to have developed an interesting Expanded Flat pattern with 5 waves in the wave C down.
Some oscillator divergence showing, and inside relevant channel lines (Green).
A small move down this next couple days and then a Bull pivot as drawn in...
A very well run company that has not slashed dividends... has little to no debt and is a leader within the MLP industry.
This is a long term buy and hold for me... I will reinvest dividends to cost average down if we fall more.
I consider ascending or descending triangles among the more reliable patterns, but failures of these patterns can be quite good too. EPD has formed a descending triangle on the short term, but is also finding support at the uptrend line on the monthly.
It also coincides with a similar support level on oil spot price.
Coupled with good fundamentals, a long on EPD...