Energy Transfer Partners (ETP) was checked out in January, when I noted that, "ETP has broken a 10-11-month downtrend. Aggressive traders could look to probe the long side of ETP......" ETP looks like it is making a double bottom now and we could see strength in the second quarter.
In this daily bar chart of ETP, below, we can see a first low in late November and a second low in late March. While prices are still below the declining 50-day and 200-day moving averages there are some improvements. The daily On-Balance-Volume (OBV) line is at a higher level than in November and the 12-day momentum study made a bullish divergence in February and March with equal lows when compared to the lower price lows made over the same time.
In this weekly bar chart of ETP, below, we can see a long, three-year downtrend. Prices are still below the declining 40-week moving average line but it is not far above the market. The weekly OBV line is making a double bottom and the Moving Average Convergence Divergence (MACD) oscillator has narrowed towards a possible cover shorts buy signal.
In this Point and Figure chart of ETP, below, we can see a $19.67 price target.
Bottom line -- traders could wait to buy strength above $18.50 or a close above the 200-day moving average line. Risk below $15.50.