I looked at the charts of EQT Corp. (EQT) on May 18 and recommended that "T raders could go long EQT on a dip below $34. Risk to $30 for now. The $43-$48 area is my price target."
Let's check the charts again.
In this daily bar chart of EQT, below, I can see that prices of EQT dipped in late May for traders to go long. Prices have subsequently rebounded in June to make new highs for the move up. EQT has broke out above the 50-day and the 200-day moving average lines. The On-Balance-Volume (OBV) line has been weak until this month. The Moving Average Convergence Divergence (MACD) oscillator turned bullish in April.
In this weekly Japanese candlestick chart of EQT, below, I can see that EQT rallied and then corrected to the downside. Prices made their low in March and turned higher. EQT now trades above the 40-week moving average line. The weekly OBV line shows strength the past three months. The MACD oscillator has crossed to the upside for a cover shorts buy signal. An outright buy signal may not be far off.
In this daily Point and Figure chart of EQT, below, I can see a price target in the $43 area.
In this weekly Point and Figure chart of EQT, below, I can see a price target in the $48 area.
Bottom line strategy: Continue to hold longs.
