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Noble Corporation plc Message Board

  • nysfparachute nysfparachute Jun 10, 2014 3:18 PM Flag

    technically speaking

    NE is looking good technically. Not so much for a momentum rally, but more from the point of view of "the bottom is in". It's been doing solid base building for 4 months. Solid in that it has been in a tight range meaning that whenever it gets sold off, there are buyers at the low end of the range. Also solid in that the beginning of the selloff in late January had 3 weeks of high weekly volume, and since then volume has tapered off. That tells me that you had 3 weeks in which the big players and institutions dumped the stock....the big guys who wanted to get out, got out in a high volume persistent selling climax....probably no one left to sell unless fundamentals were really turning south, and that's just not the case at all at this time. Lastly, RSI on the weekly charts is confirming the lack of selling pressure and the likelihood that a bottom is in. I think the odds are good that shallower selloffs get bought and that the chart continues to make a pattern of higher lows with a test of highs in the range close to 33.

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