EQT runs into sellers again around 5.53
EQT Corporation (EQT) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
EQT ended the week -0.19% lower at 5.29 after losing $0.12 (-2.22%) today on low volume, strongly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading $0.10 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (EQT as at Feb 14, 2020):
Friday's trading range has been $0.27 (4.97%), that's below the last trading month's daily average range of $0.39. Weekly volatility is also lower, being way 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 5.01 and 5.53 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Black Candle showed up on February 6th, EQT lost -2.57% on the following trading day.
After having been unable to move above 5.51 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 5.53.
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 5.01 where further sell stops could get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for EQT. Out of 430 times, EQT closed higher 51.86% of the time on the next trading day after the market condition occurred.