Natural Gas Producer Building Energy for Explosive Breakout
EQT (EQT) shares of the energy name closed strong Thursday right above the top of monthly value area and still have a bigger move brewing from a multi month cup and handle pattern forming since August all near the 55 day MA. EQT has strong support recently at 40 with the 21 EMA now at 42.50 and likely a good line in sand to manage risk around. EQT can breakout above 44.50 and move quickly up to 47.75 top of 2022 yearly value while the 50 round number would be a good second target. EQT has large call buys in open interest at the January $45 calls bought this summer near $3.50 and the June $40 short puts sold to open 1100x for $4.60 still holding in OI.