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Possible Bearish Inside Day Candle Pattern Detected for Golar Lng Ltd (NASDAQ:GLNG)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Golar Lng Ltd (NASDAQ:GLNG) based on the price action in the company's shares. Today's price range of $20.88 and $21.08 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 Golar Lng Ltd may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Golar Lng Ltd share prices have been bracketed by a low of $14.32 and a high of $29.18 and are now at $21.01, 47% above that low price. Over the past week, the 200-day moving average (MA) has gone down 2% while the 50-day MA has remained constant.

Golar LNG Limited is an independent owner and operator of liquefied natural gas (LNG) infrastructure, including carriers, floating storage and regasification units (FSRUs), and floating liquefaction (FLNG) vessels. Collectively these assets make Golar an integrated midstream LNG services provider supporting resource holders, gas producers, and consumers.

Golar Lng Ltd has overhead space with shares priced $21.01, or 40.7% below the average consensus analyst price target of $35.46. The stock should hit resistance at its 200-day moving average (MA) of $25.15, as well as support at its 50-day MA of $18.99.

SmarTrend is monitoring the recent change of momentum in Golar Lng Ltd. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Golar Lng Ltd in search of a potential trend change.

Keywords: bearish inside day candle golar lng ltd

Ticker(s): GLNG