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Energy Transfer Partners (ETP) Showing More Signs of Bottoming

Energy Transfer Partners $ETP has been in consolidation mode in 2018. On the daily chart below we can see that there has been a bearish trend since price retreated from around $31.50 in September 2016 down to $15.65 by December 2017. The weekly chart shows a longer bear trend. 

ETP Daily Chart

(click to enlarge)

Shifting Trend:
- We can clearly see the downtrend since 2016 on the daily chart.
- We can also see that price has since broken above the falling resistance. Now the bullish breakout resulted in the market becoming sideways, but the key is that price held above $15.65 again and was able to rise to break above the 200-day simple moving average (SMA), while bringing the RSI above 70, even above 80 at the start of the year. 
- We began 2018 with hopeful bullish price action but ended up in more of a sideways market.
- As we enter the second half of the year, ETP could be percolating again. 
- It is back above the 200-day SMA, and the RSI is still above 40. 
- Anchoring above $18 is the current bullish development in price action.
- If price can hold above $18, there could be strong pressure on the current $20.80 high on the year.
- Breaking $20.80 would be the next key event that would represent a shift from the bearish trend into a bullish one.

Context:
- The weekly chart reflects a market that has been bearish since tagging $52.50 in 2014.
- We have been in a bearish trend, price has anchored above $15.65 since 2016. 
- Perhaps we are shifting into the bullish part of the consolidation/correction period. 
- Within this context, we still might want to limit the bullish expectation to the $30 handle up to the $31.50 high from 2016.  

ETP Weekly Chart

(click to enlarge)

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