GLNG stock forecast 2023: What Next In Golar Share?
GLNG stock price fell below the key support level of $22.05 on Tuesday, as sellers continued to gain momentum. The stock is now trading at $22.40, down 2.48% in the last 24 hours.
The recent sell-off in GLNG stock is likely due to a number of factors, including the overall weakness in the stock market and concerns about the global economy. The stock has also been under pressure due to its exposure to the LNG market, which has been declining in recent months.
Technical analysis of GLNG stock shows that it is trading below the 50-day and 200-day moving averages, which are considered to be key support levels. The stock is also trading below the 50% mark on the relative strength index (RSI), which suggests that it is oversold.
If GLNG stock breaks below the $22.05 support level, it could fall to the next support level of $19.74. However, there is some buying interest at the $22.05 level, which could prevent the stock from falling further.
GLNG Stock Price Falls Below Key Support Level
CMT by shubhamsm006 on TradingView.com
The daily chart of Golar LNG Limited (GLNG) stock shows a falling channel pattern, with the price below the 50-day simple moving average (SMA). This indicates weakness in the stock. The stock has recently bounced back from the channel lows to the channel high, but it was rejected from the upper trendline and is now heading for the 50 SMA.
GLNG is also trading below the lower Bollinger band and below 50% on the relative strength index (RSI). This suggests that the stock is oversold and could be due for a rebound. However, the chart also shows that sellers are gaining traction and preparing for the next bearish move.
The 4-hour chart of GLNG stock shows that the stock is on the verge of a breakdown. If the price breaks below $22.03, it could fall to the next support level of $19.74. However, there is some buying interest at the $22.03 level, which could prevent the stock from falling further.
The RSI curve on the 4-hour chart is floating near 30, which indicates that sellers are in control. The MACD is also bearish and is maintaining red bars on the histogram. This suggests that the momentum is still bearish for GLNG stock.
Summary
Overall, the technical analysis of GLNG stock shows that it is in a bearish trend on both the daily and 4-hour charts. However, there is some buying interest at the $22.03 level, which could prevent the stock from falling further. Investors should closely monitor the stock for signs of a rebound.
Technical Levels
- The nearest support levels for GLNG stock are $21.95 and $19.25. The closest resistance levels are $25.39 and $25.73.
Disclaimer
The analysis in this article is not a guarantee of future performance. It is for informational purposes only. Please do your own research and consult with a financial advisor before making any investment decisions.
