An interesting day’s trade in EQH.Since & including the volume...

An interesting day’s trade in EQH.

Since & including the volume of 30th October when the $1.03 high was set there have been approximately 736K EQH traded. This equates to approximately 5.8% of the non-escrowed stock.

Anyone who can “read” a screen can see that the stock is being accumulated at current levels. For instance, this morning the seller/s of the 85K shares offered their stock pre-market for a very short time before cancelling the selling & only offering 10K of the line. The 85K was dealt on the open at 84c. That illustrates that the buyers are willing to pay for lines of stock (yes, 85K constitutes a “line” in EQH) & even pay a premium. Also, don’t forget that this is after a pretty pathetic night on Wall Street. Apparently the buyer/s is happy to wait & buy on the back foot until another line comes out.

In the past, the sellers at 83c & 84c would’ve been cleaned out. After all, there’s only 28K there & if they took the 85K at 84c on the open then why not clean up the stock & leave the best & only seller at $1.01. The answer, IMHO, is because either they want to accumulate more stock at current levels, or they don’t want the stock starting its next upward leg just yet. It’s almost as if EQH has been left to trade in this narrow range for a reason. I have no idea what that reason is.

One thing is for sure though, EQH is heavily “pregnant” (looks like its in the 42nd week to me) & this narrow trading range will not last much longer. Which way will the stock break? I have no doubt, given the accumulation that has gone on over the past 2-odd weeks, that it will be to the upside.

Who knows, EQH tends to like to “move” on Fridays, perhaps this week will be no different.