EQT runs into sellers again around 15.92
EQT Corporation (EQT) Technical Analysis Report for Jun 20, 2019 | by Techniquant Editorial Team
EQT ended Thursday at 15.55 gaining $0.39 (2.57%), strongly outperforming the S&P 500 (0.95%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (EQT as at Jun 20, 2019):
Thursday's trading range has been $0.58 (3.77%), that's slightly below the last trading month's daily average range of $0.62. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EQT.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle.
Unable to break through the key technical resistance level at 15.66 (R1), the share closed below it after spiking up to 15.92 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. When prices bounced off a significant resistance level the last time on Tuesday, EQT lost -5.01% on the following trading day. After having been unable to move above 15.99 in the prior session, the stock ran into sellers again around the same price level today, missing to move higher than 15.92.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 15.12 where further sell stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for EQT. Out of 43 times, EQT closed lower 62.79% of the time on the next trading day after the market condition occurred.