A technical analysis of EQT CORP.

EQT CORP (NYSE:EQT) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:EQT.

Zooming in on the technicals.

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, EQT scores 8 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, EQT is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• When compared to the yearly performance of all other stocks, EQT outperforms 68% of them, which is more or less in line with the market.
• EQT is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 51% of 217 stocks in the same industry.
• EQT is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so EQT is lagging the market.
• In the last month EQT has a been trading in the 41.00 - 44.88 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of EQT for a complete technical analysis.

Why is NYSE:EQT a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:EQT has a 8 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, EQT also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 42.90, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for EQT in the last couple of days, which is a good sign.

Trading breakout setups.

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.