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Go Long Golar LNG

|About:Golar LNG Limited (GLNG)

Dividends aside, Golar LNG (NASDAQ:GLNG) is technically setting up well. The stock is staying above the 9 period EMA on the weekly chart and the stochastic is turning back up. Golar is coming into resistance around $40 and will need to power over it soon. If it can clear $40, I can see it moving into the $45-47 area.

(click to enlarge)Click to enlarge

After being up three straight days, you might want to wait a few days before entering. However, the stock has showed strength despite the general market being down during the same time. I would only give it room to the low of 9/3 at $36.65.

Price Projection: $45-47

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in GLNG over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Stocks: GLNG