Currently, Energy Transfer (ET) stock is trading at $14.8, which is ~4% above its 50-day simple moving average and 11% below its 200-day simple moving average. The company’s 50-day moving average level at $14.0 will likely continue to act as a support. A level close to $16.3 is expected to act as a resistance for the stock in the short term.
Relative strength index
Energy Transfer stock is trading at an RSI (relative strength index) of 59, which indicates that it isn’t oversold or overbought. RSI levels below 30 and above 70 could imply an upcoming reversal in the stock’s direction.
The short interest in Energy Transfer stock increased more than 5% on January 31. On January 15, the total shorted shares in Energy Transfer were 92.14 million. The total shorted shares rose to 97.14 million on January 31.
An increase in the short interest could indicate that more investors expect the stock to fall from its current price level. A company’s short interest reflects the number of its shares that have been sold short and not yet squared off. The short interest measures investors’ anxiety.
The Alerian MLP ETF (AMLP) is trading 4% above its 50-day and 4% below its 200-day moving average levels. AMLP has its RSI at 61. The ETF’s short interest fell 7% as of January 31.