Shares of Golar LNG Are Moving Lower on 1.3x Above-Average Volume (GLNG)

Published on Wed, 03/06/2013 - 14:13
By Peter Chu in Unusual volume, GLNG, golar lng, nasdaq:glng, unusual volume

Golar LNG shares are trading on heavy volume today, having fallen 3.3% to $36.51. Approximately 698,000 shares have changed hands today vs. average 30-day volume of 539,000 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.

Golar LNG (NASDAQ:GLNG) has potential upside of 30.1% based on a current price of $36.51 and analysts' consensus price target of $47.51. The stock should run into initial resistance at its 200-day moving average (MA) of $38.24 and subsequent resistance at its 50-day MA of $38.84.

Over the past year, Golar LNG has traded in a range of $13.99 to $47.82 and is now at $36.51, 161% above that low. The 200-day and 50-day moving averages have moved 0.17% higher and 0.10% higher over the past week, respectively.

By Peter Chu
pchu@fnno.com

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