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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 $15.01 and $15.55 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.

Golar LNG has overhead space with shares priced $15.06, or 70.6% below the average consensus analyst price target of $51.32. Golar LNG shares should first meet resistance at the 50-day moving average (MA) of $18.99 and find additional resistance at the 200-day MA of $25.15.

In the past 52 weeks, Golar LNG share prices have been bracketed by a low of $9.42 and a high of $51.89 and are now at $15.06, 60% above that low price. The 200-day and 50-day moving averages have moved 2.02% lower and 0.01% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Golar LNG on April 29th, 2016 by issuing a Downtrend alert when the shares were trading at $16.93. Since that call, shares of Golar LNG have fallen 14.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle golar lng

Ticker(s): GLNG