Noble Group is currently trading in A Down Trend Channel. Currently Noble’s chart is bearish and trading in the down trend. Noble may rebound from the down trend channel support if this support is strong enough.
Noble Group formed a Double Bottoms and currently testing the 50D MA resistance. If this resistance is cleared, Noble will be testing the neckline at about $2.20. If this neckline is broken, the price target for this breakout is $2.37.
Noble Group failed to Break 50D MA Resistance at about $2.20 and opened with a gap down next day after announcing the placement of right issues at $2.07. Coincidently, this price is also the 61.8% Fibonacci Support level. Noble is expected to trade around this range for a while.
