Bullish Resistance Break or Bearish Breakdown Coming QEP?

Shares of QEP also surged on Thursday, which continued a multi-month rally that began in late-October. In fact, since October 3th, QEP stock has climbed nearly 350% so far. It also reached a fresh, 52-week high of $4.13. The strength in the underlying oil and gas industry has helped propel momentum in the stock for months.

Biggest question might be what happens next. You've got OPEC+ seemingly at bay (for now) and even with markets selling off, QEP and other energy stocks are surging.

Something else to consider with QEP is the company’s pending merger deal with Diamondback Energy Inc . The plan is for QEP to get acquired in an all-stock transaction. The expectation on the timing of this deal is late in the first quarter of this year. Considering we’re in the final days of the final month of the quarter, that could also become a source of speculation if it hasn’t already.

Quote Source: Are Penny Stocks Worth It? These 4 Surged As Markets Sold Off


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