Golar LNG Limited (NASDAQ: GLNG) stock is under bearish pressure and forms lower highs sequences. Recently, the bears have shown their intent to flip the ongoing trend and break the crucial level of 50 SMA and 200-day SMA. This downfall shows that bears are in control and not in the mood to shift it.
At press time, GLNG stock was trading at $22.40 with an intraday minor loss of 2.48% breaking below the 50-day SMA, showing bearishness on the charts. Moreover, the intraday trading volume is 1.412 Million, and the average 10 days volume of 989.168K. The market cap of GLNG stock is $2.402 Billion.
However, GLNG stock has stayed in a downtrend over the past months and persisted in forming lower highs and lower lows sequences, facing rejection from the upper trendline, which acted as a barrier to exiting the trend. The sllers have a strong edge and continue to make short positions.
What Technical Indicators Say About Golar LNG Limited Stock?
On the daily charts, GLNG stock showed a falling channel pattern, and the price is below the 50-day SMA, showing weakness on the charts. Recently, the stock bounced back from the channel lows to the channel high then got rejected from the upper trendline heading for the 50 SMA.
GLNG is now trading below the lower Bollinger band and below 50%. Furthermore, the chart shows sellers are gaining traction and preparing for the next bearish move.
On the 4-hour charts, Golar LNG Limited stock is on the verge of a most awaited breakdown, which happens when the price trades below $22.03. However, buyers are accumulating the stock by defending it from the support of $19.74.
The RSI curve floating near 30 showed a downfall from the neutral zone indicating sellers’ presence in the previous trading sessions. The MACD shows bearish momentum and maintains red bars on the histogram.
Summary
Golar LNG Limited (NASDAQ: GLNG) technical oscillators also support the bullish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the GLNG stock price. Golar LNG Limited price action suggests that the investors and traders are bullish on the 1-D time frame. The price action reflects a bullish perspective at the moment.
Technical Levels
- Support Levels: Nearest support levels are $22.32 and $22.02.
- Resistance Levels: Nearest resistance levels are $23.13 and $23.68
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/12/golar-stock-prediction-2023-is-glng-becoming-a-falling-knife/