Energy Transfer Equity (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. In addition, it provides natural gas compression services for customer specific systems; and treating services, such as carbon dioxide and hydrogen sulfide removal, natural gas cooling, and dehydration.
Take a look at the 1-year chart of Energy Transfer (NYSE: ETE) below with added notations:

ETE was on a nice uptrend until October caused the stock to tank. However, just as quickly as the stock fell it rallied right back up again. During the last 3 months the stock had also created a clear level of resistance at $62.50 (green). That resistance level was also a 52-week high resistance. Earlier this week, ETE broke to a new high, and the $62.50 level should now provide support on any pullbacks. A break below $62.50 could signal a false breakout.

The Tale of the Tape: ETE broke out to a new 52-week high. A long trade could be made near $62.50 with a stop placed below that level. A break back below $62.50 would negate the forecast for a continued move higher.
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