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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cheniere Energy (AMEX:LNG) based on the price action in the company's shares. Today's price range of $33.12 and $34.84 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 Cheniere Energy 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, Cheniere Energy share prices have been bracketed by a low of $27.06 and a high of $70.49 and are now at $33.60, 24% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 5.3%.

Potential upside of 101.5% exists for Cheniere Energy, based on a current level of $33.60 and analysts' average consensus price target of $67.69. Cheniere Energy shares should first meet resistance at the 50-day moving average (MA) of $52.66 and find additional resistance at the 200-day MA of $60.67.

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 recommended that its subscribers protect gains by selling shares of Cheniere Energy on January 23rd, 2020 by issuing a Downtrend alert when the shares were trading at $62.43. Since that call, shares of Cheniere Energy have fallen 43.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle amex:lng cheniere energy

Ticker(s): LNG