GLNG.US - Opportunity for a short position with the main movement

GLNG Short



Golar LNG Ltd. /GLNG.US/ Daily Chart- declining main trend, Correction to Horizontal and diagonal resistance. Opportunity for short positions with stop 19.15.

Alternative Scenario: If the price fails to keep its levels and rises above multiple resistances, a deeper correction is possible, as a 50% Fibonacci test will provide a good prerequisite for entry. Breakthrough and the zone will send the price to 200 MA at 76.5% Fibo.

Comment: Decreasing main trend, correction to horizontal and diagonal resistance. There are 50 MAs on these levels, which makes them even more significant. The price stopped as a fake break of 23.6% Fibo measured from the peak of January 9 this year to the bottom of June. Formation of a trend - confirming flagship formation - breakthrough and zone test. The CCI 50 with breakthrough and hold in the negative zone confirms the end of the corrective pulse and the resumption of the short main trend.

 Trader Aleksandar Kumanov

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