Focus Stocks
EQT Bearish Signs
Published on Monday, 06 February 2012 09:46 Written by Christian Paolinetti
New York, February 6th (TradersHuddle.com) - Shares of EQT Corporation (NYSE:EQT) ended the trading session lower by $0.26 or -0.52% from its previous close. EQT's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
EQT Corporation (NYSE:EQT) 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.
EQT's current stock range is defined by calculated support defined at $47.72 and by the resistance level at $51.94, which should be used by traders planning their trades.
Traders wanting to establish a position in EQT stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current EQT shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:

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