EQT dominated by bulls lifting the market higher throughout the day
EQT Corporation (EQT) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EQT ended the month -10.79% lower at 11.90 after gaining $0.84 (7.59%) today, strongly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 11.21, the stock confirmed its breakout through the prior session high after trading up to $0.78 above it intraday.
Daily Candlestick Chart (EQT as at Jun 30, 2020):
Tuesday's trading range has been $0.92 (8.22%), that's slightly above the last trading month's daily average range of $0.89. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for EQT.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on May 19th, EQT actually gained 4.14% on the following trading day.
Prices are trading close to the key technical resistance level at 12.04 (R1).
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for EQT. Out of 416 times, EQT closed lower 54.09% 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 50.96% with an average market move of -0.08%.