EQT ends the day on a bearish note closing near the low of the day
EQT Corporation (EQT) Technical Analysis Report for Sep 14, 2018
EQT ended the week 2.13% higher at 47.55 after losing $0.24 (-0.5%) today on low volume. Trading $0.34 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was $0.58 (1.22%), that's far below last trading month's daily average range of $1.11. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
After having been unable to move above 47.89 in the prior session, EQT Corporation ran into sellers again around the same price level today, failing to move higher than 48.03.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling might accelerate should prices move below the nearby swing low at 46.56 where further sell stops could get triggered.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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