EPD Closed above $27.75 recent resistance line appearing to break out from a bullish ascending triangle formation on the daily chart. Expecting further upside from here, targeting $30 level by March. Note: ER later this week.Adding to the positive sentiment, we saw some bullish options activity today with about 3k $20.00 strike (deep ITM) Jan 2020 call options traded today vs OI of only 702. With the stock closing today just below $28.00, these contracts going for about $8.00/share with 12 months to expiration are 1.00 delta with essentially no time value - meaning projected volatility is currently very low.
Zooming out on the weekly chart, you can see the stock has been locked in a tight trading range between $24 and $30 for the last 3+ years, so the likelihood of breaking through the $30 level is fairly low, barring some positive fundamental changes/news items.
Note: Informational analysis, not investment advice.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.