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Possible Bullish Inside Day Candle Pattern Detected for EQT (NYSE:EQT)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in EQT (NYSE:EQT) based on the price action in the company's shares. Today's price range of $68.90 and $69.47 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of EQT may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of EQT have traded between a low of $47.10 and a high of $92.79 and are now at $69.26, which is 47% above that low price. The 200-day and 50-day moving averages have moved 0.18% lower and 1.35% higher over the past week, respectively.

EQT (NYSE:EQT) has potential upside of 30.3% based on a current price of $69.26 and analysts' consensus price target of $90.28. The stock should discover initial support at its 200-day moving average (MA) of $64.73 and subsequent support at its 50-day MA of $64.68.

EQT Corporation is an integrated energy company with emphasis on Appalachian area natural-gas supply, transmission and distribution. The Company, through its subsidiaries, offer natural gas products to wholesale and retail customers.

SmarTrend recommended that its subscribers protect gains by selling shares of EQT on July 26th, 2016 by issuing a Downtrend alert when the shares were trading at $73.68. Since that call, shares of EQT have fallen 6.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle

Ticker(s): EQT