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Can EQT Midstream Partners Gain Upward Momentum Now?

PART:
1 2 3 4
Part 3
Can EQT Midstream Partners Gain Upward Momentum Now? PART 3 OF 4

What Does EQT Midstream Partners’ Technical Indicators Hint At?

EQT Midstream’s moving averages

Most midstream companies are currently trading below their historical averages due to the recent slump in commodity prices. EQT Midstream Partners (EQM) is no different. It was trading 3.0% below its 50-day SMA (simple moving average) and 4.4% below its 200-day SMA as of June 19, 2017. However, EQM might bounce back, considering its low commodity and volume exposure. About 92.0% of its revenue was from firm reservation contracts in 1Q17.

What Does EQT Midstream Partners’ Technical Indicators Hint At?

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Short interest in EQT Midstream Partners

Short interest in EQT Midstream Partners was ~2.0 million shares as of June 19, 2017. Its short interest as a percentage of float ratio was 3.3%. That’s higher than last month’s average of 3.1%, which might indicate a bearish sentiment in EQM. Short interest in EQM is higher than its one-year and three-year averages of 2.4% and 2.8%, respectively.

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