Crude oil tanked by nearly 4% Wednesday, taking most energy stocks along for the ride. Even those energy stocks focused on natural gas came under severe pressure.
Cheniere Energy (NYSE:LNG) is a leader in the liquified natural gas sector. The stock just made a high on the chart at $51.41 on May 25. Mid-day Wednesday, LNG was lower by $1.58 to $46.72 a share. Traders and investors should note that this stock will have major institutional chart support around $41.50, which is where the stock broke out to the upside in January 2017. That level should be defended again when it's retested.