Energy Transfer Is Only A Hold For Now (Technical Analysis)

Summary:

• Energy Transfer stock has risen nearly 20%, with technical analysis showing a net positive outlook despite recent pullback.
• Technical indicators, including moving averages and support/resistance levels, suggest sustained bullish momentum and strong support, indicating a healthy correction.
• Fundamentals reveal lackluster earnings and overvaluation, with P/E and P/S ratios at three-year highs, suggesting the stock is overvalued relative to growth.
• I initiate ET at a Hold rating due to conflicting technical and fundamental analyses, with technicals more bullish than fundamentals.

Thesis

Energy Transfer LP (NYSE:ET) stock has risen nearly 20% in recent months even after accounting for the current pullback. In the below technical analysis, I determine that the outlook for the stock seems to

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