Noble Group: Rebounding Soon?

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┬ámay be heading towards $0.924 (123.6% FR) and $0.753 (138.2% FR).

 

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