- Summary:
- NYSE: EQNR is experiencing a strong bullish sentiment due to rising oil prices. Equinor stock price may retest $34-$35.6 region soon.
The stock of the Norwegian energy company Equinor has rebounded strongly from its May 2023 lows. NYSE: EQNR has been on a tear since its yearly lows and is up 29% from the lows. Technical analysis shows that there is more upside for the stock, provided the oil prices remain in an uptrend.
Equinox shares are up 2.55% this week. The bullish price action can be attributed to the soaring oil prices amid tightening supplies. On Thursday, the stock was down 0.26% due to a correction in crude oil. However, the uptrend remained intact.
As per the most recent news, the Norwegian state-owned oil and gas explorer has been greenlit for the development of an oil field in the North Sea. The Rosebank oil field will be shared by Equinor and Ithaca Energy, with the Norwegian firm getting the lion’s share of 80%.
In another significant development, Equinor ASA has also secured a permit from Norway to start its Breidablikk oilfield. Equinor stock price is currently 22% down from its all-time high. Most other energy stocks, like Ithaca Energy, are also performing well as the investors bet on high oil prices.
Equinor Stock Price Forecast
The energy stocks like NYSE: EQNR are strongly correlated to oil prices. While crude oil appears to be in a strong trend right now, we all know how quickly the tables can turn. On a high timeframe, Equinor stock price forecast remains bearish. In fact, there is also a formation of double top at all-time highs.
Nevertheless, if oil prices keep rallying from the current level, I expect Equinor shares to fill the $34-$35.6 price gap that was left in January. This will also mean a fresh yearly high for the shares of the European energy giant. The invalidation of this setup will be a rejection from the $33 level.