Oneok Partners LP : Bearish scenario preferred
Entry price | Target | Stop-loss | Potential |
---|
$34.77 |
$0 |
$35.8 |
+100% |
---|
Oneok Partners reaches a level of strong resistance. This level could counteract the upward trend in the short term.
Moreover, analysts are revising downward their EPS forecasts for the next two years.
Graphically, the stock went through a period of rebound in recent sessions towards the USD 35.25 medium-term resistance. The share should consolidate near this area. It could act as a stopping point of the upward movement. This scenario suggests a return to the USD 32.4 support area which will be a first bearish objective.
Therefore, the most offensive investor can benefit from the technical configuration to open a short position. The objective will be fixed near to the USD 32.4 support. Only the breakdown of this level would open up new bearish targets toward USD 29.8. The stop loss will be set above USD 35.2 at USD 35.8.
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