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Can ETE Gain Momentum after a Weak Start to 2H17?

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Part 3
Can ETE Gain Momentum after a Weak Start to 2H17? PART 3 OF 5

What Energy Transfer Equity’s Technical Indicators Suggest

Energy Transfer Equity’s moving averages

Energy Transfer Equity (ETE) was trading 3.5% above its 50-day SMA (simple moving average) and 1.3% above its 200-day SMA as of July 18, which might indicate a bullish sentiment in ETE. Peers Plains GP Holdings (PAGP) and Western Gas Equity Partners (WGP) are currently trading 5.7% and 2.7% below their 200-day moving average, respectively. Williams Companies (WMB) was trading 5.0% above its 200-day SMA.

What Energy Transfer Equity’s Technical Indicators Suggest

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Short interest in Energy Transfer Equity

Short interest in Energy Transfer Equity was 56.9 million shares as of July 18, 2017. At the same time, its short interest as a percentage of float ratio was 7.2%. The current short interest in ETE is slightly higher than last month’s average of 7.3%. Moreover, short interest in ETE is higher compared to the one-year and three-year averages of 6.2% and 5.4%, respectively. A rise in short interest indicates an increase in short positions that haven’t been covered.

Energy Transfer Equity’s relative strength index

Energy Transfer Equity’s RSI (relative strength index) was 64.3 as of July 18. ETE, which has been on an uptrend after its YTD low, is close to being “overbought.” RSI is a momentum indicator with values ranging from zero to 100. An RSI value below 30 indicates that it has entered “oversold” territory, while an RSI value above 70 indicates it’s “overbought.” Extreme RSI values might result in a trend reversal.

Recent institutional activity in ETE

The number of institutional holders in ETE fell to 404 as of July 18 compared to 406 in the prior week. Investors will be interested to know the institutional activity in ETE after the company releases 2Q17 earnings. Morgan Stanley is the largest institutional holder in ETE. It alone holds 3.7% in ETE as of July 18, 2017.

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