News Image

Technical Setup: EQT CORP Appears Poised for a Breakout.

By Mill Chart

Last update: May 29, 2024

Our stock screener has detected a potential breakout setup on EQT CORP (NYSE:EQT). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:EQT.

EQT Daily chart on 2024-05-29

Analyzing the Technical Aspects

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Overall EQT gets a technical rating of 8 out of 10. Although EQT is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • When comparing the yearly performance of all stocks, we notice that EQT is one of the better performing stocks in the market, outperforming 74% of all stocks. However, this overall performance is mostly based on the strong move around 10 months ago.
  • EQT is part of the Oil, Gas & Consumable Fuels industry. There are 213 other stocks in this industry, EQT did better than 55% of them.
  • 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 38.30 - 42.45 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of EQT

How do we evaluate the setup for NYSE:EQT?

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. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 41.33. Right above this resistance zone may be a good entry point.

How can NYSE:EQT be traded?

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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.