So looking at FLNG's behaviour lately we see a W-formation was formed around the 52-55 area, before breaking through resistance from there (green line).
After this over extended W-formation a retrace was to be expected to at least the 0.318 fib, which is what happened.
Whilst testing the 0.318 fib/05 fib (60-62.50), another W-formation seems to have formed (see orange line).
Now FLNG has broken above horizontal resistance and a long term downward trendline and seems to be finding support on those previous resistances.
In short, everything seems like a perfect setup for another leg up.
My short term target is around NOK 77-80,- Which is the next resistance on the weekly chart and the top of the ichimoku cloud.
After this over extended W-formation a retrace was to be expected to at least the 0.318 fib, which is what happened.
Whilst testing the 0.318 fib/05 fib (60-62.50), another W-formation seems to have formed (see orange line).
Now FLNG has broken above horizontal resistance and a long term downward trendline and seems to be finding support on those previous resistances.
In short, everything seems like a perfect setup for another leg up.
My short term target is around NOK 77-80,- Which is the next resistance on the weekly chart and the top of the ichimoku cloud.