Bernstein, a subsidiary of AllianceBernstein, may be bullish on a some of the master limited partnerships it recently initiated coverage on, but I'm not.

Bernstein rated three of the MLPs, including Williams Companies(WMB) - Get Report , outperfom, but I didn't find a single one attractive from the long side. In fact, two of them -- Sunoco Logistics Partners  (SXL) and Cheniere Energy(LNG) - Get Report  -- are actually candidates for sale. Bernstein rated Cheniere Energy market perform and Sunoco Logistics Partners underperform.

Here is my technical analysis on Sunoco Logistics and Cheniere.

Sunoco Logistics Partners

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Sunoco Logistics Partners had lows in January and February. Prices rallied in two waves higher, but the on-balance-volume , or OBV, line was flat during the rally. Buyers of Sunoco have not shown up for class. There is a bearish divergence between the higher highs in price and weaker momentum studies.

I would look for a test and break of the 50-day simple moving average line as prices are below the 200-day average line. SXL could work down into the $25-to-$20 area in the weeks ahead.

Cheniere Energy

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In this chart of Cheniere Energy(LNG) - Get Report  , we can see a February low and a weak rally. The OBV line is flat, and you can see a weaker momentum reading below the April high vs. the February high. Prices of Cheniere are already below the 50-day and 200-day moving averages, and we could see the stock retreat into the $30-to-low-$20s area in the weeks ahead.