EQNR | Equinor
The chartist in me can’t help but notice EQNR here.
On the monthly chart, EQNR is approaching the major $42–$44 resistance zone that dates back to its 2008 all-time high. It challenged roughly the same area again in 2022 and is now back near it once more.
What makes this attempt interesting is the structure underneath it. Price is tightening while forming higher lows, and the weekly and daily charts show the same character.
Could it reject again? Absolutely.
But some of the biggest technical moves begin when price finally breaks free from a massive multi-year base. Gold is a great example. It repeatedly challenged its old highs after the 2011 peak before finally breaking decisively into new-high territory in 2024.
The fundamentals also give us a reason to pay attention:
EPS growth: +108%
Sales growth: +37%
Pre-tax margins: 37.7%
ROE: 21.4%
1-year RS: 84
Industry RS: 91
One energy name I’m keeping very close on the watchlist.
