Equinor Rises 3.76% Extending Two Day Rally To 6.70% On Bullish Technicals

Equinor (EQNR) advanced 3.76% in the most recent trading session, marking its second consecutive day of gains and bringing the two-day rally to 6.70%. This strong upward movement indicates renewed buying interest and sets a positive tone for further analysis.
Candlestick Theory
The last two sessions formed consecutive bullish candles with progressively higher highs (27.07 vs 26.19) and closes near session highs (27.06, 26.08), signaling accumulation. A significant resistance level emerges at the June 2025 peak of 27.76, while immediate support rests near the 25.29-25.78 consolidation zone from late July. The break above the July 24 swing high of 25.88 establishes a higher low pattern, suggesting potential continuation if the price holds above 26.50.
Moving Average Theory
The 50-day, 100-day, and 200-day moving averages currently configure bullishly, with the shorter-term averages stacked above longer-term ones. Notably, the 50-DMA (approximately 25.50) recently provided dynamic support during the July pullback. The 200-DMA near 24.80 remains a key long-term trend anchor. The current price trading significantly above all three averages confirms an established uptrend, though stretched proximity to the 50-DMA warrants monitoring for mean reversion risks.
MACD & KDJ Indicators
MACD shows a bullish crossover emerging as the signal line turns upward from oversold territory, aligning with the recent price surge. KDJ registers overbought conditions with the %K line (92) crossing above %D (85), though such readings can persist during strong momentum phases. Divergence is absent as both oscillators strengthen alongside price, supporting near-term bullishness. However, the KDJ overextension suggests potential consolidation once momentum peaks.
Bollinger Bands
Bands contracted notably through mid-July, indicating reduced volatility before the current 6.70% breakout. Price now challenges the upper band (∼27.15), a typical overbought signal in this framework. The band expansion accompanying this rally implies sustainable directional conviction. Historically, extended touches of the upper band have preceded brief consolidations, making a close above 27.15 critical for continuation.
Volume-Price Relationship
Recent gains validate the bullish volume-price dynamic, with the two-day rally supported by a 31% volume increase versus the prior week's average. The July 23 high-volume reversal candle at 25.16 established a demand zone, while persistent volume on down days (e.g., July 24-25) failed to drive breakdowns, indicating absorption by buyers. This divergence between selling pressure and price resilience foreshadowed the current rebound.
Relative Strength Index
The 14-day RSI currently reads 68, approaching overbought territory but not yet triggering warnings. A notable bullish divergence developed in late July as RSI formed a higher low while prices tested the 25.29 support, signaling waning downside momentum. While elevated, the absence of bearish divergence suggests room for further upside before exhaustion, though a breach above 70 would warrant caution given historical reversals near this threshold.
Fibonacci Retracement
The key swing from the June high (27.76) to July low (25.29) yields crucial Fibonacci levels. The 61.8% retracement (26.72) was decisively breached in the current rally, converting it to support. The 78.6% level at 27.05 now represents immediate resistance, coinciding with the latest session’s high (27.07). Confluence between this Fibonacci barrier and the psychological 27.00 level strengthens its significance. A confirmed break above 27.05 would expose the 100% extension at 27.76.
Confluence & Divergence Observations
Bullish confluence appears at 26.50–26.80, where the 61.8% Fibonacci level, swing high resistance (July 11), and rising 50-DMA converge. This zone now acts as support, reinforced by the volume-backed breakout. Bearish divergence remains absent among primary indicators, though Bollinger Band and KDJ overbought readings contrast with RSI’s neutrality, suggesting near-term consolidation may precede further upside. The MACD/price convergence and volume confirmation underscore sustainable momentum absent reversal signals.