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ETE Has Risen 3.4% in the Last Month: Will It Continue to Rise?

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Part 2
ETE Has Risen 3.4% in the Last Month: Will It Continue to Rise? PART 2 OF 5

What Energy Transfer Equity’s Technical Indicators Mean

Energy Transfer Equity’s moving averages

Energy Transfer Equity (ETE) surpassed its short-term (50-day) moving average in its recent rally. ETE was trading 0.4% above its 50-day SMA (simple moving average) and 3.3% below its 200-day SMA as of September 27. However, a drop in crude oil prices below $50 per barrel, which seems likely, could push ETE below the 50-day SMA, resulting in bearish sentiment. ETE’s peers Western Gas Equity Partners (WGP) and Williams Companies (WMB) were trading 1.1% and 0.7% above their 50-day moving averages as of September 27. For more detail on MLPs’ recent performance, see Weekly Recap: Analyzing MLPs in the Week Ending September 22.

What Energy Transfer Equity’s Technical Indicators Mean

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Short interest in Energy Transfer Equity

Short interest in Energy Transfer Equity was 54.8 million shares as of September 27. At the same time, short interest in Energy Transfer Equity as a percentage of its float ratio was 6.9%. The current short interest in the partnership is higher than last month’s average of 6.8%. Moreover, short interest in ETE is higher than the one-year and three-year averages of 6.6% and 5.6%, respectively, which might indicate bearish sentiment in the stock.

Energy Transfer Equity’s relative strength index

Energy Transfer Equity’s RSI (or relative strength index) value was 48.7 as of September 27. ETE is neither “oversold” nor “overbought.” However, it’s close to entering the oversold zone. An RSI value below 30 for a stock indicates that it’s oversold while an RSI value above 70 for a stock indicates it’s overbought.

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