Good evening. Market took a beating today. The STI fell below the psychologically important 2800 level AND the 50-DAY moving average. It is still above the previous low of 2750, but momentum is turning down, 50day moving average is turning down and the longer term 200 day moving average is edging down. I expect more weakness ahead. Next support is 2700.
Above is the daily chart of NOBLE GROUP. I am rather surprised by the magnitude of the drop due to the announcement of its 3rd quarter loss and the resignation of its CEO. The price has fallen below the previous pivot low of about $1.205 on high volume; not a good sign. I think it is better to avoid this stock for now.
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