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 as EQT symbol .
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 .