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EQT closes higher for the 2nd day in a row


Technical Analysis Report for EQT - Apr 16, 2018 [1 min read]
Highlights
EQT closes below its opening price unable to hold early session gains
EQT finds buyers at key support level
EQT fails to close above 50-day moving average
EQT closes higher for the 2nd day in a row
EQT rises to highest close since March 21st
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, EQT finished Monday at 49.01 edging higher $0.16 (0.33%) on low volume. Today's closing price of 49.01 marks the highest close since March 21st. Trading $0.45 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 failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for EQT
Volatility

Monday's trading range was $1.04 (2.12%), that's below last trading month's daily average range of $1.42. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 48.05 and 49.62 which it has been in now for the last three days.

Support/Resistance

After trading as low as 48.58 during the day, the stock bounced off the key support level at 48.60. The failure to close below the support might increase that levels importance as support going forward. After spiking up to 49.62 during the day, the market found resistance at the 50-day moving average at 49.49.

Trend

While EQT is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Bounce off SMA 50 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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