NOL in a nice uptrend

Good day everyone,

In the week ahead I may not post much as I will be having a busy week.

Today, I have charts of NOL for you all.

On the weekly chart, you will see that NOL is currently at the pre-crash level of about $2.20. NOL has already tried to stay above this level twice – failing on both occasions. Price is only just above it at the moment. Recovering from the crash, NOL traded up in a steady upward parallel channel. For much of 2010, NOL faced resistance from the 200-week MA and the resistance of $2.20. The 50-week MA is supporting the channel along the way too. I see nearest support at $2.10 – where the bottom of the channel and both weekly moving averages are.

Using fibonacci retracement studies, the 38.2% level coincides with the $2.20 level! This only emphasizes how important this level is. As long as price stays above this level in the weeks ahead, this region shall be strong support for NOL in the year ahead.

Getting closer, there is still some room for downside, and if the markets do not head up next week, NOL could well slip nearer to the channel I have identified. Overall NOL looks pretty good.

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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