Let’s see where Energy Transfer (ET) stock might go from here. Energy Transfer stock is currently trading at $16.47, almost 6% and 3% below its 50-day and 200-day moving average levels, respectively. These levels around $17.52 and $16.91 could act as a resistance for ET stock in the short term. Energy Transfer stock is currently trading close to its five-month low.
Relative strength index
Currently, ET seems to be on the verge of the oversold zone with an RSI (relative strength index) of 31. The RSI is a momentum oscillator on a scale of zero to 100. A stock is considered oversold when its RSI score falls below 30 and overbought when its RSI score rises above 70. Extreme RSI values could imply an impending reversal in a stock’s direction.
Energy Transfer stock is presently trading close to its lower Bollinger Band level. Its 20-day moving average level is at $17.25, while its upper Bollinger Band is at $18.01.
When a stock’s price falls to the lower level of the Bollinger Band and trades near its support level, technical analysts see the scenario as an entry point. When the stock’s price reaches the upper level of the Bollinger Band and trades near its resistance level, analysts may see it as an exit point. We have used 20-day simple moving average levels to calculate the Bollinger Bands above.
Let’s take a look at how Energy Transfer stock has performed so far this year.