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EQT Crosses Critical Technical Indicator

By Energy Stock Channel Staff, Wednesday, December 14, 11:29 AM ET
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In trading on Wednesday, shares of EQT Corp. (NYSE:EQT) entered into oversold territory, changing hands as low as $53.10 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.

In the case of EQT Corp., the RSI reading has hit 29.9 by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 43.3, the RSI of WTI Crude Oil is at 48.4, and the RSI of Henry Hub Natural Gas is presently 32.0.

A bullish investor could look at EQT's 29.9 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.

Looking at a chart of one year performance (below), EQT's low point in its 52 week range is $43.00 per share, with $73.10 as the 52 week high point that compares with a last trade of $53.24. EQT Corp. shares are currently trading off about 2.7% on the day.

EQT Corp. 1 Year Performance Chart

According to the ETF Finder at ETF Channel, EQT makes up 4.88% of the Rydex S&P 500 Equal Weight Energy ETF (NYSE:RYE) which is trading relatively unchanged on the day Wednesday.

See what other ETFs contain EQT
See what other stocks are held by RYE

EQT operates in the Oil & Gas Exploration & Production sector, among companies like Energen Corp. (NYSE:EGN) which is off about 3.1% today, and Cobalt International Energy Inc. (CIE) trading lower by about 7.1%. Below is a three month price history chart comparing the stock performance of EQT, versus EGN and CIE.

EQT,EGN,CIE Relative Performance Chart


The ETF Channel Flexible Growth Investment Portfolio is designed to seek growth for investors anywhere and everywhere. The key to the program is our portfolio strategy allows us complete flexibility in terms of asset allocation as there are no predetermined guidelines as to the level of stocks, bonds, cash, regions, countries, sectors, commodities, or even asset classes in the portfolio! In short, this is a completely flexible portfolio designed to follow the performance trail wherever it leads us.

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