All year EQT, an unloved natural gas producer has been a swing trader's paradise. I've harvested so many gains from these E-cutie trees I thought I'd make a thread just for it and post trading updates.
The macro technical picture is clear. Years of being battered by shorts ended with capitulation in 2020, followed by a swift rebound. Fundamentals are tightening. According to analysts, $25 is fair price for $2.50 NG price. Goldman Sachs has a $23ish target. Price action is showing signs of bottoming. It's lining up but this is much more profitable short term swings.
Currently, price is building a base at previous long term support around $18. More downside is certainly a possibility given that NG prices look overvalued. But, EQT is in a channel and fundamentally undervalued. Investors might front run this sector as demand picks up in later in the year, in which EQT will likely be closer to $25.
s3.tradingview.com/snapshots/f/fu2UOMWS.png
Long EQT
+200 @ 18.10
The macro technical picture is clear. Years of being battered by shorts ended with capitulation in 2020, followed by a swift rebound. Fundamentals are tightening. According to analysts, $25 is fair price for $2.50 NG price. Goldman Sachs has a $23ish target. Price action is showing signs of bottoming. It's lining up but this is much more profitable short term swings.
Currently, price is building a base at previous long term support around $18. More downside is certainly a possibility given that NG prices look overvalued. But, EQT is in a channel and fundamentally undervalued. Investors might front run this sector as demand picks up in later in the year, in which EQT will likely be closer to $25.
s3.tradingview.com/snapshots/f/fu2UOMWS.png
Long EQT
+200 @ 18.10
Note
Note
Selling 100 shares into this strength for a 7% gainNote
Very bullish development with the MACD showing momentum is kicking up as price approaches a major resistance level. Looks ready to pop through and if not, I'll wait to add more. Note
EQT corp bought some assets and price vomited -8% today.... It's a gift.... buying more before it starts setting new highs for the year. Note
There you have it. Analysts announce price target of $24. Right where my grey box starts. HODL Note
Trimming 50 @ 20.80 for a 14% gain.Note
Because price tagged previous resistance and likely needs to consolidate or pullback before moving higher. Note
Letting the last 50 shares ride as momentum can still carry price further. If price dips I'm looking to layer back into a full position. Note
Just to put it into perspective here is a macro view. Fresh multi year breakout and $25 will be a major barrier which extends within the grey box. This is not the time to chase this trade. There will be a pullback and the depth will depend on the future outlook of the NG market. Note
Buying. Note
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.