Purely technical analysis based buy-point here. We can see a clear demand zone between 21-22 USD. Unfortunately, the weekly 20EMA was just backtested and got rejected, which ultimately led to declining price action.
As all the signs are not there to be 100% sure about the trade, I set the stop level at 21 USD, which reduces the risk of this trade going ballistics. Entry target at 22 USD, and risk/reward at a solid 4.
This bad boy has been a while in my long-term portfolio, and I was hoping to get a little bit larger position on this. This may be that time... As a European citizen, I do see a large demand for liquified natural gas in the future and tremendous investments in the energy sector, which benefits Golar a lot.
Thanks for reading fellas!
As all the signs are not there to be 100% sure about the trade, I set the stop level at 21 USD, which reduces the risk of this trade going ballistics. Entry target at 22 USD, and risk/reward at a solid 4.
This bad boy has been a while in my long-term portfolio, and I was hoping to get a little bit larger position on this. This may be that time... As a European citizen, I do see a large demand for liquified natural gas in the future and tremendous investments in the energy sector, which benefits Golar a lot.
Thanks for reading fellas!