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Golar LNG Crosses Below its 10-day MA (GLNG)

Published on Thu, 02/07/2013 - 12:15
By Mallory Stone

Today, shares of Golar LNG (NASDAQ:GLNG) have crossed bearishly below their 10-day moving average of $40.47 on a volume of 180K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

Golar LNG (NASDAQ:GLNG) has potential upside of 19.0% based on a current price of $40.24 and analysts' consensus price target of $47.87. The stock should discover initial support at its 50-day moving average (MA) of $38.44 and subsequent support at its 200-day MA of $37.92.

Golar LNG Ltd is a shipping company. The Company owns and operates a fleet of LNG (liquid natural gas) tankers, and several of the vessels are under long term charter contracts. The Company has also entered in to an agreement to build additional LNG tankers. Golar transports around the world.

Golar LNG share prices have moved between a 52-week high of $47.82 and a 52-week low of $13.99 and are now trading 188% above that low price at $40.24 per share. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

By Mallory Stone