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What Do BPL’s Technical Indicators Suggest ahead of 2Q17 Results?

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Aug. 1 2017, Updated 6:40 a.m. ET

Buckeye Partners’ moving averages

Buckeye Partners (BPL) recently went below its historical moving averages due to the weakness in the partnership’s stock and the midstream sector in general. BPL was trading 0.4% below its 50-day SMA (simple moving average) and 4.1% below its 200-day SMA as of July 27. This might indicate a bearish sentiment in BPL’s stock.
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Short interest in Buckeye Partners

Short interest in Buckeye Partners was 2.9 million shares as of July 27, 2017. At the same time, short interest in BPL as a percentage of float ratio was 2.1%. The current short interest in Buckeye Partners is higher than the last month’s average of 1.6%. Moreover, short interest in Buckeye Partners is higher compared to the last one-year and three-year averages of 1.8% and 2.0%, respectively. This might also indicate a bearish sentiment in BPL.

Buckeye Partners’ relative strength index

Buckeye Partners’ RSI (relative strength index) was 45.4 as of July 27. Buckeye Partners is close to being “oversold.” RSI is a momentum indicator with values ranging from zero to 100. An RSI value below 30 for a stock indicates that it has entered “oversold” territory, while an RSI value above 70 indicates that it is “overbought.” Extreme RSI levels could result in a trend reversal.

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