LNG has break its previous high within a 2 day rally. Seems like it is on the move again.
I am expecting a small retrace first to serve its price-action.
On the Ichimoku Chart, support is around 10.4 followed by 9.5
Note:
DOE Conditionally Approves Cheniere’s LNG Export Application for Non-FTA Countries
I have a long position on LNG since I sold off the previous time.
This is based on the fact that the price has consolidated.
Both the Tenkan sen and Kijun sen are now very close to each other which will strengthen the support going forward.
Also, a closer look at the Tenkan sen suggest that it is ready to move upwards soon. Couple this with the slightly upward sloping leading kumo.
My guess, LNG may be ready to hit new high soon.
I am making a bet that Apache (APA) will bounce off the kumo support.
Noticed how there is a long ‘tail’ a few days back. It suggest that it is not ready to go down so much yet.
The possible risk could be its earning report is due in a couple of day (I think).
Nonetheless, I have mitigate the risk by selling a March spread.