EQT Rallies 3.58% In Two Days As Technicals Signal Bullish Continuation

EQT's recent trading session showed a positive momentum with a 1.96% gain, extending its winning streak to two consecutive days and accumulating a 3.58% advance. This upward movement positions the stock at $50.95, warranting a multi-indicator technical assessment.
Candlestick Theory
Recent price action shows EQT forming a bullish engulfing pattern on September 22–23, with the second candle fully eclipsing the prior day’s body. This occurred near the critical $48.50 support level, validated by the August 18 low of $48.60 and September 19’s reactionary bounce from $48.51. Resistance emerges near $51.37–$52.01, aligning with September’s highs. A sustained breakout above $51.37 could signal continuation, while failure might retest $48.50.
Moving Average Theory
The 50-day MA ($50.80) and 100-day MA ($49.20) recently converged, with EQT reclaiming both levels during its two-day rally. The 200-day MA ($46.30) maintains a steady ascent, reflecting a longer-term bullish bias. The current price holding above the 100-day MA supports near-term optimism, though the 50-day MA’s slight downward slope warrants caution. A golden cross (50-day crossing above 100-day) would reinforce bullish sentiment.
MACD & KDJ Indicators
MACD registers a bullish crossover, with the histogram turning positive as the signal line trails below the MACD line. This aligns with KDJ’s trajectory: The K-line (68) and D-line (62) are rising but remain below the overbought threshold (80), while the J-line (80) approaches overbought territory. This confluence suggests growing bullish momentum, though proximity to overbought levels invites short-term consolidation risk.
Bollinger Bands
Volatility contracted sharply in late September (bands narrowing to 1.5% width), culminating in a decisive upside breakout above the 20-day moving average ($49.90). Price now trades near the upper band ($51.20), indicating strength. The expansion supports bullish bias, but a close above the upper band would require monitoring for potential reversion.
Volume-Price Relationship
Volume surged to 26.6 million shares on September 19’s downswing—capitulation-like activity near support. Subsequent gains occurred on below-average volume (8.4M–8.8M), raising sustainability concerns. Confirmation would require heavier participation in further advances. The volume-weighted average price (VWAP) sits at $50.10, now serving as intraday support.
Relative Strength Index (RSI)
The 14-day RSI (58) ascended from oversold territory (<30 on September 19) to neutral, reflecting recovering momentum. While avoiding overbought conditions, its current level suggests room for upside before reaching the 70 warning threshold. Divergence is absent, as RSI’s rise parallels price recovery.
Fibonacci Retracement
Using the August swing high ($52.01) and September low ($48.51), key Fibonacci levels emerge: 38.2% ($49.72), 50% ($50.26), and 61.8% ($50.79). EQT surpassed the 50% level decisively and closed above the 61.8% retracement ($50.79), indicating strong bullish conviction. The 78.6% level ($51.38) aligns with recent highs, forming the next resistance target.
Confluence & Outlook
Bullish convergence is evident: Candlestick reversal at support, MACD/KDJ momentum shifts, Fibonacci breach, and Bollinger Band expansion collectively favor upside continuation. Volume remains a cautionary note, and resistance at $51.37–$51.38 (aligning with the 78.6% Fib and recent high) presents a near-term hurdle. A break above $52.00 would target $53.00, while failure to hold $50.79 could trigger retracement toward $49.70–$49.90 support.