Western Midstream Partners $WES Stock Retakes 200 Day Moving Average, Dark Pool Trades

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Western Midstream Partners $WES stock has retaken its 200 day moving average as of January 8, 2023; however, caution is warranted as we don’t yet have confirmation of the break. We are a seeing a common theme of energy stocks with bullish chart patterns over the last week. $WES stock is in a technical weak uptrend. Recently, unusual dark pool trades occurred in Western Midstream Partners $WES stock.

Western Midstream Partners stock chart on January 8 2023 with a break above the 200 day moving average and testing a downtrend channel breakout pattern
Western Midstream Partners stock chart on January 8 2023 with a break above the 200 day moving average and testing a downtrend channel breakout pattern

Unusual Dark Pool Trading In Western Midstream Partners $WES Stock

Unusual dark pool trades occurred in Western Midstream Partners $WES stock on December 21, 2022. The unusually large dark pool trades were in two blocks of $4.7 million and $4.3 million. We think the dark pool trades were buy orders because $WES stock rose following the trades being made public.

Western Midstream Partners stock chart on January 8 2023 with unusual dark pool trades shown with orange bars
Western Midstream Partners stock chart on January 8 2023 with unusual dark pool trades shown with orange bars

Make sure to review this lesson on dark pool trading so that you understand the chart above.

Western Midstream initiated with a Buy at Citi

Spiro Dounis, a Citi analyst, began covering Western Midstream on December 8, 2022, with a Buy rating and a $33 price target. While acknowledging the need to be selective in this environment, the analyst began coverage of 23 midstream stocks with a positive cash flow outlook. In a research note, Dounis informs investors that the sector offers a compelling mix of growth and yield. According to Dounis, the midstream sector has arguably never been better prepared for macro headwinds because leverage and capital spending have declined significantly.

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