Noble looking strong

Hello all,

This is Noble Grp, N21.SI. In a post on Noble some time back, I was not optimistic about its prospects. Then, Noble was in a downward parallel channel, and trading below its 200-day MA. I also identified a strong support level of $1.60. Looking back, that level was tested, and it has held ever since. I have drawn an upward parallel channel to show the uptrend Noble has been in for a few months now. Not long ago, Noble tested all-time highs, and has since retraced down to $2.00. Looking at the channel, there is still a little room for downside; however, with the 50-day MA creeping up and the bottom of the channel coming in at $2.04-$2.06, I will expect a rebound soon. We will see if Noble stages another surge to test all-time highs again.

All analyses, recommendations, discussions and other information herein are published for general information. Readers should not rely solely on the information published on this blog and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein.

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