EQT: Potential Cup & Handle in Natural Gas Fracker
EQT is a natural-gas fracking company that’s benefited from Europe’s energy crisis. It may also be attempting a breakout.
The main pattern on today’s chart is the low near $31 in early July and the higher low above $40 one month later. The combination could be a cup & handle, a potentially bullish continuation pattern based on the previous uptrend.
Next, the second higher low occurred at the 50-day simple moving average (SMA). That may suggest intermediate-term momentum is turning bullish.
Third is the level around $46.70. EQT gapped below this line on June 13 when energy tumbled. It was resistance again in late July as prices rebounded, but then gave way in mid-August. Consider how the stock dipped below this line on Tuesday before closing back above it. Has old resistance become new support?
Finally, you have confluence with the orange 21-day exponential moving average (EMA). The combination of that potential support and the EMA could help traders manage potential entries if they expect prices to continue higher.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The main pattern on today’s chart is the low near $31 in early July and the higher low above $40 one month later. The combination could be a cup & handle, a potentially bullish continuation pattern based on the previous uptrend.
Next, the second higher low occurred at the 50-day simple moving average (SMA). That may suggest intermediate-term momentum is turning bullish.
Third is the level around $46.70. EQT gapped below this line on June 13 when energy tumbled. It was resistance again in late July as prices rebounded, but then gave way in mid-August. Consider how the stock dipped below this line on Tuesday before closing back above it. Has old resistance become new support?
Finally, you have confluence with the orange 21-day exponential moving average (EMA). The combination of that potential support and the EMA could help traders manage potential entries if they expect prices to continue higher.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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