The Energy Transfer stock recently announced its Q2 earnings report on August 2nd, 2023, the reported earnings gave a negative surprise of 20.82% from estimated earnings, and reported revenue also gave a negative surprise of 10.21% by estimated reports. Moreover, ET stock publicized its dividend payout recently of $0.31 and the payment date was August 21st. Energy Transfer LP. (ET) stock market capitalization is $41.365 Billion and the total revenue is $89.876 Billion. Moreover, the stock’s basic EPS is $1.21 and the price-to-earnings ratio is 0.76. Energy Transfer’s stock price ended at $13.16 on August 25th, 2023, surging 1.70% from the previous day.
The price action shows that Energy Transfer LP.’s ( NYSE: ET) stock price was in an uptrend from March 24th, 2023 it took support around $11.52, increasing by 16%, and reached a high of around $13.34 by making higher highs and lows and the continuous streak of break of structure and following trendline support effectively. since then the ET stock inclined as support was high and is in an uptrend.
At the time of publication, the ET Stock’s current price is trading around $13.16 and it sustained at the Fibonacci 50% level around $12.44, taking support and showing strength on the chart, most probably Energy Transfer LP. ( NYSE: ET) The stock might incline more as buyers have control over ET price but a concern might arise as it has reached a major supply area, if buyers fail it may drop back to the demand zone, or if the demand zone is mitigated then it may consume liquidity around the demand zone and make new lower lows and highs and the new streak of break of structures as selling pressure might increase.
Therefore, If Energy Transfer fails to maintain the current level, the ET price could continue to drag downwards and hit the nearest support levels around $11.94 and $11.52.
However, if the stock price sustains the current level and the Energy Transfer price increases, then it might reach the nearest resistance levels of $13.27 and $13.59.
Technical Analysis of ET Stock Price in 1-D Timeframe
At the time of publishing, Energy Transfer LP. (NYSE: ET), The technical indicators for Energy Transfer are bullish, as the stock is rising. The daily chart shows that Energy Transfer is trading above its 50-day and 100-day moving averages(EMA’s), signaling a bullish trend. Moreover, the relative strength index is around the 58 level, indicating a bullish market sentiment. The MACD is showing a bullish crossover suggesting bullishness in the market.
Summary
Energy Transfer LP (NYSE: ET) stock, highlights that the investors and traders of the stock price are optimistic over the daily time frame(1-D). The price action of ET stock also gives bullish and positive views at the time of publishing. The technical analysis tools of Energy Transfer stock price also support bullishness. The EMA, RSI, and MACD highlight upward signals and indicate that an uptrend may continue in Energy Transfer stock price if key resistance is jumped.
Technical Levels
- Support levels: The nearest support levels for the Energy Transfer stock price are $11.94 and $11.52.
- Resistance levels: The nearest resistance levels for the ET stock price are $13.27 and $13.59.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/28/et-stock-price-forecast-does-nyse-et-have-potential-for-15/