Noble Group: Uptrend Still Intact?

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Although Noble Group’s stock chart is still showing an uptrend, but the stock price is closing in the resistance of $2.37.

Things to watch:

  • Whether Noble Group can break the $2.37 resistance with heavy volume, and stay above this $2.37 to make the resistance becomes support. If this happens, Noble will continue the up trend.
  • If Noble breaks the uptrend support at about $2.195 (which is also the combination support of up trend support, 50D MA and 78.6% Fibonacci Retracement Level), that indicates the uptrend has ended for Noble Group.

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Noble Group: Up Trend Still Intact if …

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Base on current chart pattern, Noble Group uptrend is still intact if  50D MA support (about $2.00) is strong enough. This 50D MA support is also a uptrend support. Next immediate Resistance at $2.24.

Noble is close to 52 weeks high of $2.24 and thus upside potential may be limited. In additional, current Noble Group’s PE is 14.8 which is at the fair value.

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