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Possible Bearish Inside Day Candle Pattern Detected for Cheniere Energy (NYSE:LNG)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cheniere Energy (NYSE:LNG) based on the price action in the company's shares. Today's price range of $40.48 and $41.00 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Cheniere Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Cheniere Energy, Inc., through subsidiaries, develops liquefied natural gas terminals, and explores for oil and natural gas. The Company explores for oil and gas in the Gulf of Mexico.

In the past 52 weeks, Cheniere Energy share prices have been bracketed by a low of $22.80 and a high of $78.25 and are now at $40.90, 79% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.3% while the 50-day MA has advanced 1.4%.

Potential upside of 82.0% exists for Cheniere Energy, based on a current level of $40.90 and analysts' average consensus price target of $74.44. The stock should hit resistance at its 200-day moving average (MA) of $44.10, as well as support at its 50-day MA of $36.18.

SmarTrend recommended that subscribers consider buying shares of Cheniere Energy on June 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $35.44. Since that recommendation, shares of Cheniere Energy have risen 15.9%. We continue to monitor LNG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle cheniere energy

Ticker(s): LNG