EQT Corporation : Wait a comeback to the short-term support
Entry price | Target | Stop-loss | Potential |
---|
$86.2 |
$87.2 |
$82.3 |
+1.16% |
---|
EQT Corporation released, on 25 July, its earnings results for the second quarter of 2013. Sales are up 54% to 520 million dollars (consensus : 507 million) and EPS skyrocketed by 171% to 0.57 (consensus : 0.566).
Analysts welcomed this publication and revised upward their EPS estimates.
Technical patterns are in the green: prices are up for several months. The movement should continue in the coming trading sessions. However, we expected the stock to firstly come back to the USD 83.7 short term support, corresponding to the 20-day moving average, before to bounce towards USD 87.2.
Therefore, taking into account the fundamentals and technical patterns, it seems opportune to take a long position in case of a comeback on USD 83.7. The first target price is USD 87.2. A breakout of this level will be a new bullish signal for higher target price. A stop loss will be placed under the USD 83.7 short term support, threshold that would invalidate this trading strategy.
The content herein constitutes a general investment recommendation, prepared in accordance with provisions aimed at preventing market abuse by Surperformance, the publisher of MarketScreener.com. More specifically, this recommendation is based on factual elements and expresses a sincere, complete, and balanced opinion. It relies on internal or external data, considered reliable as of the date of their release. Nevertheless, this information, and the resulting recommendation, may contain inaccuracies, errors, or omissions, for which Surperformance cannot be held responsible. This recommendation, which in no way constitutes investment advice, may not be suitable for all investor profiles. The reader acknowledges and accepts that any investment in a financial instrument involves risks, for which they assume full responsibility, without recourse against Surperformance. Surperformance commits to disclosing any conflict of interest that may affect the objectivity of its recommendations.