Oil Stock Could Head Back Toward Highs

The stock hit fresh highs earlier this month

Nov 22, 2023 at 3:09 PM
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This commentary first appeared on Forbes Great Speculations on Wednesday, November 15, where Schaeffer's Investment Research is a regular contributor.

Oil name EQT Corp (NYSE:EQT) pulled back after its recent Nov. 3 one-year high of $45.23, though support at the $39 level captured the dip. Plus, this price action put EQT into contact a historically bullish signal. 

According to Schaeffer’s Senior Quantitative Analyst Rocky White, EQT stock is within one standard deviation of its 320-day moving average for the sixth time in the past three years. The stock was higher one month later 80% of the time after these signals, averaging a 10.5% return.

It’s also worth noting that short interest represents 6.8% of the equity’s available float. It would take shorts five days to cover their bets, at EQT’s average pace of trading.

EQT Nov15

 

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