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Golar LNG's Shares Changing Hands at Lower Prices on 1.9x Above-Average Volume (GLNG)

Published on Thu, 04/18/2013 - 13:12
By Robert Cotter

Golar LNG's stock is down 3.4% to $32.90 on heavy trading volume. Today's volume of 1.2 million shares tops the average 30-day volume of 608,000 shares. Unusually high volume can signify a potential turning point or validate a breakout.

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.

Potential upside of 34.0% exists for Golar LNG, based on a current level of $32.90 and analysts' average consensus price target of $44.09. Golar LNG shares should first meet resistance at the 50-day moving average (MA) of $37.08 and find additional resistance at the 200-day MA of $38.46.

Over the past year, Golar LNG has traded in a range of $13.99 to $47.82 and is now at $32.90, 135% above that low. The 200-day and 50-day moving averages have moved 0.01% higher and 1.01% lower over the past week, respectively.

By Robert Cotter
rcotter@fnno.com

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