Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Energy Transfer stock price (NYSE: ET) fell 4% approx from the recent swing high.</a> </li> 
 <li> <span>2</span> <a>ET stock price drops below the 50-day EMA show signs of a trend reversal.&nbsp;</a> </li> 
 <li> <span>3</span> <a>Energy Transfer (ET) failed to meet the EPS as well as quarterly estimates.</a> </li> 
</ul> 
<p>Energy Transfer stock (NYSE: ET) fell 4% approx in the last 3 trading sessions after the release of quarterly earnings. ET stock price showed initial signs of a short-term bearish trend reversal.&nbsp;</p> 
<p>Energy Transfer stock price dropped below the 50-day EMA showing bears are active and the short-term trend is reversing. However, the 200-day EMA still slopes upward which is likely to act as strong support for the bulls.&nbsp;</p> 
<p>At the beginning of May, ET stock price took support near $12.20 and some responsive buyers came forward. Later, slow and steady prices rose upward by forming higher highs swings and rallied 10% in a short period of time.&nbsp;</p> 
<p>Energy Transfer stock price attempted to break out of the 52-week high. But due to the disappointment in quarterly earnings prices lacked momentum and reverted in a downward direction.&nbsp;</p> 
<p>The selling volume also increases showing the profit booking has begun. Energy Transfer stock price closed the previous session at $12.75 with an intraday decline of -0.70%. The market capitalization stands at $39.48 Billion.</p> 
<h2 class="wp-block-heading" id="strong-is-energy-transfer-stock-turning-bearish-strong"><strong>Is Energy Transfer Stock turning bearish?</strong></h2> 
<div class="wp-block-image"> 
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  <img decoding="async" src="https://lh6.googleusercontent.com/S0JAf2KywjV6bh4IeQR_kCQwxzHPKKfJdsCwK3dqKPdFS4DDyYUdn4DTX3E1KXSHzzkewnREGtE9dpEnvhiQZJINJX4w3Tu9GVWgROlKsXfqCAAphV7WSskveZexA6X-GcnRx4__CDFP5JiA-Ttojw" alt="Energy Transfer Stock: Will ET Stock bounce back from $12.00?"> 
  <figcaption class="wp-element-caption">
    NYSE: ET daily chart by <a href="https://www.tradingview.com/x/6b3qMifm/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Energy Transfer Stock (NYSE: ET) is reversing after getting rejection from the 52-week high. However, the confirmation of the trend reversal will come prices drop below the 200-day EMA.&nbsp;</p> 
<p>The Energy Transfer Unit released the earnings on August 2, 2023. It reported an EPS of 0.25 and revenue of $18.23 Billion. The company missed the EPS estimate by 20.82% and the revenue estimate by 10.21%.&nbsp;</p> 
<p>As a result of this, stock prices reacted negatively and witnessed profit booking. The technical analysis suggests the ET <a href="https://www.thecoinrepublic.com/2023/08/07/paramount-stock-will-para-stock-rally-toward-20-after-earnings/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> is mildly bearish for the short term. But the downfall may halt near $12.00 and bounce back.</p> 
<h3 class="wp-block-heading" id="strong-et-stock-price-formed-a-bearish-engulfing-candle-strong"><strong>ET Stock Price formed a bearish engulfing candle</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_1129d"></div> &nbsp;&nbsp; 
 <div class="tradingview-widget-copyright"> <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a> 
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 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> &nbsp;&nbsp; 
 <script type="text/javascript">

  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NYSE:ET",

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</div>  
<p>ET stock price formed a bearish engulfing candle on the weekly time frame. Moreover, if the<a href="https://www.thecoinrepublic.com/2023/08/07/paramount-stock-will-para-stock-rally-toward-20-after-earnings/" target="_blank" rel="noopener noreferrer nofollow"> share price</a> drops below the previous week’s low then more downside will open.&nbsp;</p> 
<p>The MACD curve displayed a negative crossover and the histogram bar is declining shows bearishness. The RSI at 45 reversing upward denotes it might test the neutral territory in the coming weeks.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>Energy Transfer Stock (NYSE: ET) faced rejection from the 52-week high. The quarterly earnings fueled the downfall due to which stock turned mildly bearish. However, the downfall in ET stock might take a halt near $12.00 due to strong support.</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li><strong>Resistance levels: </strong>$13.37 and $13.67</li> 
 <li><strong>Support levels:</strong> $12.80 and $11.50</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Energy Transfer Stock: Will ET Stock bounce back from $12.00?

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