EQT runs into sellers around 21.78 for the third day in a row
EQT Corporation (EQT) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, EQT finished Tuesday at 21.73 gaining $0.15 (0.7%) on low volume, outperforming the S&P 500 (0.05%). Today's close at 21.73 marks the highest recorded closing price since October 24, 2018. Trading up to $0.23 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (EQT as at Apr 16, 2019):
Tuesday's trading range has been $0.45 (2.09%), that's far below the last trading month's daily average range of $0.71. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EQT. Prices continued to consolidate within a tight trading range between 20.74 and 21.78 where it has been caught now for the whole last trading week.
Prices are trading close to the key technical support level at 21.27 (S1). Prices are trading close to the key technical resistance level at 21.86 (R1). The market ran into sellers again today around 21.78 for the third trading day in a row after having found sellers at 21.75 in the prior session and at 21.72 two days ago. The last time this happened on March 27th, EQT actually gained 1.57% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 21.86 where further buy stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Its common bearish interpretation has been confirmed for EQT. Out of 566 times, EQT closed lower 50.71% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 47.88% with an average market move of 0.09%.