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EQT Corporation Technical Outlook

EQT Presentation

EQT Corporation is one of the largest petroleum and natural gas exploration and pipeline companies founded in 1888. With more than 125 years of experience, it continues to be a leader in the use of advanced horizontal drilling technology . It’s also an integrated energy company with emphasis on natural gas exploration, production, gathering, and transmission. Its shares are traded on the New York Stock Exchange .

Technical Analysis

EQT stock rallied strongly early this year ending the bearish cycle from 2014 peak which unfolded as a double three correction and reached the equal legs area $52.80 – $43.36 before bouncing higher. The move from 12/17/2015 low managed to break above the 2014 trend-line then topped in June to do a 3 swing pullback which found support at the 50% area of the rally , consequently the weekly structure is now pointing to the upside targeting $96 – $103 area where a 3 waves correction can happen .

To find an investing opportunity , we need to focus on the daily chart and wait for the stock to do at least 3 waves from the peak ( Zigzag structure ABC ) before buyers can start showing . The pullback can also extend into the 50%-61.% Fibonacci area of the recent rally depending on the structure of the decline , for this reason the trade setup for the stock should come around $70.13 – $67.50 area against the 10/26/2016 low ( $63.11 ) .

EQT needs to break above June peak ( $80.17 ) to confirm the bullish move to the upside otherwise the stock can still do a double correction from that peak which will also present another trading opportunity as long as it will remain above ( $47.10 ) low .

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