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Noble Corp. Message Board

  • pismire_03 pismire_03 May 17, 2014 8:32 PM Flag

    Double Bottom

    From what I can see, NE put in a W bottom over the last few days. It sure looks like 29.50 is the spring back point that goes along with Petro's Puts.

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    • It is all about the time frame:
      It is all about the time frame:
      1. Yes, if it clear $30.10 than it made a double bottom in the last two trading days.
      2. Since mid 2012 till Dec. 2013 (17 months!), NE was in an upward trending wedge which was broken to the downside in Dec. 2013. However, in 2014 after coming down from $39 to $29 looks like it made a reverse head and shoulder where the head was at $29 mid march, the left shoulder was on Feb 1 and the right shoulder on mid April and a second one in the last two days. If Ne clear the neck line at $31-$32 the upside target will be $35-$37.
      3. On a VERY long term chart, since 1990, we see that NE had a nice uptrend since $1 at 1995 till $60 in 2008 (YES! NE is a better performer than GOOG and many more tech... and all from profits which went to the bottom line, not like tech, since today it is treading at 0.9 tangible book. Only AMZN and AAPL did about X3 better than NE)
      Anyhow, since 2008 until now, there is definitely a bull flag after that huge up move in which we are now at $30 at the bottom of the declining trading range. If NE clear the upper Bull flag trading range at $37, the upside target will be $100 i a few years later!

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