WEEKLY CHART LNG slight selling pressure

16 Jul

Bearish Signal
Price nearing upper range of recent performance, potential resistance near high of $178.45
Bullish Signal
Consistent upward trend, potential breakout above $178.45, BULLISH ENGULFING

Immediate Support Target $176.65 (target 1) (bounce area 1)
Next Support Target $173.90 (target 2) (bounce area 2)
Immediate Resistance $178.45 (stop/loss area range)
Next Resistance None indicated above $178.45 on the chart
50-SMA Support Estimated around $162.56 based on the recent trend

Likely Direction If it breaks above $178.45, further upside. Consolidation is likely if it stays below.
Upside Reversal Break above $178.45 could initiate a new rally

Long Position Strategy (Bullish) Enter near $176.65 or $173.90, target next resistance at $178.45

Short Position Strategy (Bearish) Consider shorting near $178.45 with a stop above this level, targeting lower supports