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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Golar LNG (NASDAQ:GLNG) based on the price action in the company's shares. Today's price range of $22.89 and $23.22 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Golar LNG Ltd is a shipping company. The Company owns and operates a fleet of LNG (liquid natural gas) tankers, and several of the vessels are under long term charter contracts. The Company has also entered in to an agreement to build additional LNG tankers. Golar transports around the world.

Golar LNG (NASDAQ:GLNG) has potential upside of 123.8% based on a current price of $22.93 and analysts' consensus price target of $51.32. Golar LNG shares should encounter resistance at the 200-day moving average (MA) of $25.15 and support at the 50-day MA of $18.99.

Over the past year, Golar LNG has traded in a range of $9.42 to $51.89 and is now at $22.93, 143% above that low. Over the past week, the 200-day moving average (MA) has gone down 2% while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Golar LNG on August 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $18.80. Since that recommendation, shares of Golar LNG have risen 21.6%. We continue to monitor GLNG for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle golar lng

Ticker(s): GLNG