Energy Transfer LP forms bullish "Ascending Continuation Triangle" chart pattern
Aug 12, 2016

Trading Central has detected an "Ascending Continuation Triangle" chart pattern formed on Energy Transfer LP (ET:NYSE). This bullish signal indicates that the stock price may rise from the close of $17.32 to the range of $18.80 - $19.10. The pattern formed over 16 days which is roughly the period of time in which the target price range may be achieved, according to standard principles of technical analysis.

Tells Me: The increasingly higher lows and constant highs within this pattern tell us that buyers are more aggressive than sellers, confirmed by a breakout through a resistance level to signal a continuation of the prior uptrend.

An Ascending Triangle, with its increasingly higher lows and constant highs, indicates that buyers are more aggressive than sellers. The pattern typically forms because a supply of shares is available at a certain price, represented by the upper flat line. When the supply depletes, the shares quickly break out from the top trendline and move higher.

This bullish pattern can be seen on the following chart and was detected by Trading Central proprietary pattern recognition technology.

Price Chart - Energy Transfer LP



Trading Central is the industry leader providing actionable investment research products for self-directed investors and traders. Our compelling product suite uses automated interpretation of technical, fundamental and value based analytics to help validate investment decisions, manage risk and find ideas. Trading Central helps to automate the investment decision making process by offering dynamic and action-oriented research for all trader types and provides coverage of more than 50 exchanges worldwide, including stocks, indices, currencies and futures.

© 2024 Trading Central. All Rights Reserved. The information contained herein: (1) is proprietary to Trading Central and/or its content providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely; and, (4) does not constitute advice or a recommendation by Trading Central or its content providers in respect of the investment in financial instruments. Neither Trading Central nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Pricing, historical chart data, real-time and fundamental company data are provided by Morningstar Research Inc.

Technical Event® is a registered trademark of Trading Central.

Trading Central products and services are protected under U.S. Patent Nos.: 6,801,201; 7,469,226; 7,469,238; 7,835,966; and 7,853,506; and corresponding foreign patents.