Energy Transfer Equity LP (NYSE: ETE)

Energy Transfer Equity, L.P., through its subsidiaries, provides diversified energy-related services in the Unites States. The company sells natural gas to electric utilities, independent power plants, local distribution companies, industrial end-users, and other marketing companies. It owns and operates approximately 7,800 miles of natural gas transportation pipelines and 3 natural gas storage facilities located in the state of Texas; and approximately 12,800 miles of interstate natural gas pipeline.
Take a look at the 1-year chart of Energy Transfer (NYSE: ETE) below with my added notations:

ETE has been trending higher for the last 12 months, and since the beginning of 2014 the stock has formed a clear trendline of support (green). However, over the last 2 months the stock had formed at 52-week high resistance at $60 (blue). At some point ETE was going to have to break one of those two levels, and yesterday the stock broke to a new high.

The Tale of the Tape: ETE broke though its $60 resistance, which was also a new 52-week high. A long trade could be made on a pullback down to the $60 level with a stop placed below that level. A break back below the $60 level should lead to a fall down to the trendline support.
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