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...
Textbook bearish butterfly accompanied with previous market structure. We are at the competition of the butterfly (D) so I will be looking to get short off the open, risking a point above D. Profit target $7.60 ( green .382 retracement) where I may look to flip long.
The right shoulder is becoming larger than originally thought, which is actually more consistent with the pattern dimensions. I still see this as being extremely likely to play out, and choose to hang in there.
GLNG breaking out above long term resistance & showing strong upward momentum. Moneyflow pushed really high at the breakout point along with huge volume. We think it can go as high as $37.33.
In the weekly frame it shows a possible Flag formation with similar target.
Date first found- January 25, 2017
Pattern/Why- Breakout of Longterm...
Looking for GLNG to bounce off of support at around $20.30
My view is the overall market will experience a post-election relief rally which I see lasting several weeks
pushing GLNG higher.
After this relief rally fades, my overall market sentiment going into next year is bearish