A iH&S was formed and played out nicely.
GLNG has now reached an area of resistance, a confluence of both a horizontal resistance and a trendline.
Printed a bearish candle pattern, so it is to be expected to fall back to the previous support around 8.10-8.30. If it finds support there it will proceed to break through both the trendline resistance and the current resistance at around 9.30-9.80.
Target is the 0.618 fib retrace at 11.15.
So a buy if it finds support around 8.10-8.30 with a target of around 11.15.
GLNG has now reached an area of resistance, a confluence of both a horizontal resistance and a trendline.
Printed a bearish candle pattern, so it is to be expected to fall back to the previous support around 8.10-8.30. If it finds support there it will proceed to break through both the trendline resistance and the current resistance at around 9.30-9.80.
Target is the 0.618 fib retrace at 11.15.
So a buy if it finds support around 8.10-8.30 with a target of around 11.15.