EQT finds buyers around 15.74 for the third day in a row
EQT Corporation (EQT) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
EQT ended the week -10.63% lower at 15.81 after losing $0.32 (-1.98%) today, significantly underperforming the S&P 500 (-0.16%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (EQT as at Jun 14, 2019):
Friday's trading range has been $0.48 (2.99%), that's below the last trading month's daily average range of $0.62. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for EQT.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Wednesday, EQT actually gained 2.28% on the following trading day.
Prices are trading close to the key technical support level at 15.66 (S1). The market found buyers again today around 15.74 for the third trading day in a row after having found demand at 15.66 in the previous session and at 15.69 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 15.66 where further sell stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for EQT. Out of 658 times, EQT closed higher 50.61% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 54.26% with an average market move of 0.33%.