EQT - Equitable Resources, Inc. $76.48 +1.57

Thursday's Comment:

Equitable Resources has cooled off over the past two sessions after hitting an all-time high of $75.63 earlier in the week. On Thursday, shares of EQT fell to an intra-day low of $73.95 before bouncing back to close at $74.91 on volume of 138,000 shares. The energy sector has lost some of its momentum and EQT was ripe for profit taking so we are not surprised to see it take a step back. However, the stock remains in a firm upward trend so it could break out to new highs as we approach its earnings release on April 20th before the bell. From a technical standpoint, EQT has support at Thursday's intra-day low of $73.95 with additional support at $72.47, the 10-dma. Resistance has come in at the all- time high of $75.63 and then possibly $77 or $78. Traders may consider starting new plays on a bounce off of $73.95 or a breakout above $75.63 on volume of at least 100,000 shares by noon. We are keeping our stops at $72.25, just under the 10-dma.

Monday's Update:

Over the past two weeks, Equitable's stock has been able to rally more than $7.00 to close Monday at $76.48, an all-time closing high. More importantly, though, we think that Equitable could continue to climb higher thanks to continued strength in the energy sector and strong technical indicators on the stock. In fact, both the MACD and On-Balance Volume are displaying strong momentum buy signals. At current levels, Equitable appears to have caught support at the psychologically-significant $75.00, with additional support coming from the 10-day moving average at $72.63. At this point, there is no obvious resistance until $80. Traders considering a position in Equitable should look for strong volume, 100,000 shares or more traded by noon EST, on a move through Monday's intra-day all-time high of $76.90 or a bounce off support at $75.00 before placing their trades.

Picked on March 27th @ $67.20 Change since picked +9.28 Stop Loss @ $72.25

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