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EQT Midstream Partners (
EQM) owns, operates, acquires and develops midstream assets in the Appalachian Basin. It provides natural gas transmission, storage and gathering services. This stock closed up 5.1% at $45.80 on Wednesday.
Wednesday's Volume: 10.10 million
Average Volume: 200,025
Volume % Change: 6192%
Shares of EQM ripped higher on Wednesday after the company announced the pricing of 11 million common shares representing limited partner interests at $43.50 per share.
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From a technical perspective, EQM jumped higher here right above some near-term support at $43.22 with heavy upside volume. This move is starting to push shares of EQM within range of triggering a near-term breakout trade. That trade will hit if EQM manages to clear some near-term overhead resistance levels at $47.27 to its 50-day moving average at $47.91 with high volume.
Traders should now look for long-biased trades in EQM as long as it's trending above support at $43.22 and then once it sustains a move or close above those breakout levels with volume that hits near or above 200,025 shares. If that breakout hits soon, then EQM will set up to re-test or possibly take out its next major overhead resistance levels at $50.88 to its all-time high at $51.72. Any high-volume move above $51.72 will then give EQM a chance to tag $55 to $60.