Cheniere Is Squeezing. Is a Breakout Next?
Natural gas tanker stock Cheniere Energy has steadily trended higher for more than a year, but it’s effectively gone nowhere for three months. Now it may be getting ready to move again.
The first pattern on today’s chart is the descending trendline that started earlier this month. Next, consider how prices are trying to hold the same $127.75 area where they bounced on April 25 and May 12. The convergence of the falling trendline with horizontal support is creating a triangle with breakout potential.
Given its longer-term uptrend and macro environment (Europe trying to ween off Russian oil), some investors may expect a resolution upward.
Next, stochastics have dipped to the most oversold condition since July.
Finally, the 100-day simple moving average (SMA) offered support last August, September and January. It’s now approaching again from below. Will that help nudge LNG higher?
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The first pattern on today’s chart is the descending trendline that started earlier this month. Next, consider how prices are trying to hold the same $127.75 area where they bounced on April 25 and May 12. The convergence of the falling trendline with horizontal support is creating a triangle with breakout potential.
Given its longer-term uptrend and macro environment (Europe trying to ween off Russian oil), some investors may expect a resolution upward.
Next, stochastics have dipped to the most oversold condition since July.
Finally, the 100-day simple moving average (SMA) offered support last August, September and January. It’s now approaching again from below. Will that help nudge LNG higher?
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.