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Noble Corp. Message Board

  • nysfparachute nysfparachute Oct 2, 2013 10:14 PM Flag

    technicals re: NE

    I took a look at the chart today and we're smack in the middle of a range between about 35 to 42. That signals indecisiveness about direction, but we've made both higher lows on the support end and lower highs on the resistance end when you look at the daily chart since around April. In other words it forms a pretty good triangle if you connect the lines. The classic technical interpretation of triangles is that when they form an apex (like where we are right now) they break out stongly either up or down. The classic TA would say that you break in the direction of the trend prior to when the triangle formed. So the triangle is a continuation pattern, a consolidation in the direction of the trend. With NE the trend is up, but it's a very weak trend. Over the years it's definitely made higher lows, but it's peaked a bunch of times around 45 back a few years ago. I still think this is going to resolve to the upside, or at least test 45-46 again given where revenues should go in 2014 and 2015. My guess though is that it won't make that break until the first quarter of 2014 during the seasonally strong time period. Hopefully we won't be in a market swoon then.

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