Energy is still working and Scott likes the pattern on $FLNG – June 1, 2022

by DAN FLNG 
This is Scott with your Chart of the Day. Oil and gas ( NYSE: FLNG ) are still working in this market. There are a lot of great oil and gas stocks that we are trading over at stockmarketmentor.com.

As I was doing my scanning tonight, I found FLEX LNG ( NYSE: FLNG ). Now, FLNG ( NYSE: FLNG ) hasn’t gotten too in this market just yet. If you look at just LNG ( NYSEAMERICAN: LNG ), that ticker, you can see it is holding up nicely around that 50-day simple moving average, and FLNG ( NYSE: FLNG ) is in a nice triangle here. I can draw a trendline from the high back here in April, a downward sloping trendline, look at this beautiful little pattern here.

And so what I want to see is a break above that line, coming on higher than average volume from FLNG ( NYSE: FLNG ). That could be a potential trigger for a buy, with a stop right under this line here. So you are buying here and you are looking for it to do that. But if it does this, you will probably want to close that out because it is not breaking out.

I like the fact that this is just in a tight consultative range over the last couple of weeks here. So FLNG ( NYSE: FLNG ) is definitely on my watch list and I think it should be on yours too.

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