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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Golar LNG (NASDAQ:GLNG) based on the price action in the company's shares. Today's price range of $23.27 and $24.22 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. Traders and investors interested in shares of Golar LNG may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Over the past year, Golar LNG has traded in a range of $9.42 to $51.89 and is now at $23.39, 148% 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.

Golar LNG (NASDAQ:GLNG) has potential upside of 57.9% based on a current price of $23.39 and analysts' consensus price target of $36.94. 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.

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

Keywords: bullish inside day candle golar lng

Ticker(s): GLNG