When we looked at Williams Partners (WPZ) in the middle of June, we said, "WPZ has slowly declined the past two months or so, and could just be at the lower end of a sideways trading range, rather than the start of a small breakdown. The yield on WPZ is certainly attractive, but I like to see the price going up."
Let's take another look.
In this updated daily bar chart, above, we can see WPZ has largely stayed between $36 and $42 all calendar year. The 50-day moving average line has flattened out and is close to crossing below the rising 200-day moving average line for a dead cross. The daily On-Balance-Volume (OBV) line has made small moves up and down since early February and does not suggest a bullish or bearish trend. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line but appears to be moving toward a crossover and potential cover-shorts buy signal.
In this weekly bar chart of WPZ, above, we can see the 40-week moving average line is rolling over. Prices are below this indicator but it won't take much of a rally to put prices back above the 40-week average. The weekly OBV line has been basically neutral since January. The Moving Average Convergence Divergence (MACD) oscillator has slowly declined to the zero line -- from here this oscillator could go either way -- below the zero line for an outright sell signal or upward for a buy signal.
In this Point and Figure chart, above, we can see the sideways range that has trapped prices this year. A rally to $41.40 should be bullish and a decline to $36.74 might generate some more weakness.
Bottom line: WPZ is probably going to continue trading sideways.