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/s...shots/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/s...shots/f/fu2UOMWS.png
Long EQT
+200 @ 18.10
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Selling 100 shares into this strength for a 7% gain
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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.
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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.
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There you have it. Analysts announce price target of $24. Right where my grey box starts. HODL
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Trimming 50 @ 20.80 for a 14% gain.
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Because price tagged previous resistance and likely needs to consolidate or pullback before moving higher.
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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.
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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.
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Buying.
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