Double-Bottom for LNG?

After popping to 13.28 immediately after the opening bell, Cheniere Energy, Inc. (LNG) swooned to 12.90 in sympathy with weakness in the overall market. Let's notice that today's low at 12.90 preserved the larger corrective low at 12.88 hit yesterday in the aftermath of last week's secondary offering at 14.05, followed by additional liquidation.

The ability of LNG to hold 12.90-12.88, and then to climb above 13.25/30 in the upcoming hours will greatly increase the likelihood that the stock has established a significant corrective low, and has embarked on a new bull phase.

Conversely, a break of 12.90-12.88 could trigger another bout of liquidation into the 12.50 area next. Right now, my pattern and anecdotal technical work lean in favor of the establishment of a near-term double-bottom. However, much depends on LNG's relative strength amidst overall market weakness.