Noble Group: Rebounding Soon?

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Noble group formed a Bullish Engulfing yesterday but unfortunately did not move up today. Bullish Engulfing at the support level is a trend reversal pattern. Noble Group is currently just sitting above the down trend channel support. RSI is at oversold region.

Things to watch out:

  • If Noble rebounds from this support in the next few days, the stock may move up to close the gap and get near to the resistance level at about $1.30 (downtrend channel resistance and 20D MA)
  • If Noble breaks this support, Noble may be heading towards $0.924 (123.6% FR) and $0.753 (138.2% FR).

 

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Noble Group: Still On Down Trend

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Noble Group is currently testing previous down trend channel support turned resistance at about $1.45 level. This level is also the 50D MA resistance and 78.6% Fibonacci Resistance. Base on current Noble’s chart pattern, the stock will probably reverse the current rebound and continue the medium down trend unless the 50D MA resistance and the previous high of $1.60 resistance is broken.

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