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Possible Bullish Inside Day Candle Pattern Detected for Cheniere Energy (AMEX:LNG)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Cheniere Energy (AMEX:LNG) based on the price action in the company's shares. Yesterday's price range of $54.65 and $55.63 is within the prior day'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. Traders and investors interested in shares of Cheniere Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 23.2% exists for Cheniere Energy, based on a current level of $54.96 and analysts' average consensus price target of $67.69. The stock should find initial resistance at its 50-day moving average (MA) of $61.07 and further resistance at its 200-day MA of $63.33.

In the past 52 weeks, shares of Cheniere Energy have traded between a low of $55.21 and a high of $70.60 and closed yesterday at $54.96, which is -0% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.6%.

Cheniere Energy, Inc. is an energy company focused on LNG-related businesses. The Company owns and operates liquefied natural gas (LNG) receiving terminals and liquefied natural gas (LNG) pipelines. Cheniere Energy manages and operates projects in Louisiana and Texas.

SmarTrend is tracking the current trend status for Cheniere Energy and will alert subscribers who have LNG in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle amex:lng cheniere energy

Ticker(s): LNG