Noble Group is a major supplier of agricultural, energy and industrial products. Like the behaviour of companies affected more directly by the financial crisis (such as banks and property companies), the bottom of Noble Group's share price was reached in Oct 08 when the whole world was gripped by panic amidst fears of a global financial meltdown and global recession. However, unlike banks and property counters, the price of Noble Group has reversed sharply from its lows and has been trending steadily up since. The share price is now sharply higher after it broke through a major resistance level of $1.43. It has just broken through another resistance of $1.66 and i think the next target of $1.86 should be hit soon.
All we have been reading in the newspapers lately are stories of doom and gloom, with lots of fussing over the state of America's economy, housing market, banks, auto companies and in Singapore about retrenchments and the shrinking economy. But do take a step back and have a look at how the share prices of major companies in different sectors (eg: commodities, oil & gas, palm oil) are behaving . The future does not appear to be so bleak.
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