AmeriGas Partners, L.P. : Bearish scenario preferred

02/06/2013 | 09:28am Opinion : Bearish under 44.85 USD Target price : 40.85 USD Stop loss: 46.8 USD

NYSE Oil / Gas Refining / Marketing

AmeriGas Partners is showing an overbought situation and a pullback towards the USD 40.85 support could occur in the next trading sessions.

Graphically, the stock went through a period of rebound in recent sessions towards the USD 44.85 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 40.85 support area which will be a bearish objective.

Due to the technical configuration, investors can open a short position close to the USD 44.85 resistance. The price target is set at USD 40.85 and a stop loss will be placed above USD 44.85.

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