EQT Corporation, together with its subsidiaries, operates as an integrated energy company in the United States. It operates through two segments, EQT Production and EQT Midstream. The EQT Production segment explores for, develops, and produces natural gas, natural gas liquids (NGLs), and crude oil primarily in the Appalachian Basin. As of December 31, 2015, it had 10.0 trillion cubic feet of proved natural gas, NGL, and crude oil reserves across approximately 3.4 million gross acres, including approximately 630,000 gross acres in the Marcellus play. The EQT Midstream segment provides natural gas gathering, transmission, and storage services for the company’s produced gas, as well as for independent third parties in the Appalachian Basin.
Take a look at the 1-year chart of EQT (NYSE: EQT) below with the added notations:
EQT has been trending lower since last May, but over the most recent 6
months the $63 price level (red) has become very important to the
stock. Not only was the $63 level a key support multiple times back in
the fall, but that level has also been resistance in both January and
February of this year. If EQT can break above $63, that should open the
door to higher prices.
The Tale of the Tape: EQT has a key level at $63. A
trader could enter a long position on a break above $63 with a stop
placed under the level. However, if traders are bearish on the stock, a
short trade could be made instead on a rally up to the $63 level.