EQT Closing in to Resistance

Published on Friday, 03 February 2012 07:20 Written by TradersHuddle Staff

New York, February 3rd (TradersHuddle.com) - Shares of EQT Corporation (NYSE:EQT) are trading very close to calculated resistance at $51.94 with the current price action closing at just $50.07 placing the stock near levels that make it difficult to buy.

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 current calculated support defined at $47.72 and by the resistance level at $51.94, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for EQT, as the stock is well above support, however, as the stock pulls back towards $47.72 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $51.94 then traders will get an opportunity to enter EQT stock by establishing a position as the stock moves to a higher range.