GOLAR LNG LTD (NASDAQ:GLNG) showing some interesting technicals. Here's why.

Our stock screener has detected a potential breakout setup on GOLAR LNG LTD (NASDAQ:GLNG). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NASDAQ:GLNG.

Zooming in on the technicals.

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Overall GLNG gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, GLNG is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that GLNG is one of the better performing stocks in the market, outperforming 82% of all stocks.
• GLNG is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so GLNG is performing more or less in line with the market.
• GLNG is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• GLNG is part of the Oil, Gas & Consumable Fuels industry. There are 214 other stocks in this industry, GLNG did better than 57% of them.

Our latest full technical report of GLNG contains the most current technical analsysis.

How do we evaluate the setup for NASDAQ:GLNG?

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NASDAQ:GLNG is 9:

GLNG has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 25.43. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 25.05, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for GLNG in the last couple of days, which is a good sign.

Trading setups like NASDAQ:GLNG

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.