The STI bounced today, as i think it should as it was so massively oversold. But like i mentioned in my last blog, 2767 is a rather key support level as it corresponds to the previous pivot high and is a 38.2% fibonnacci retracement level. We have a huge gap to fill, and chances are that the STI will retrace back to the 50% fibonnacci level of 2819 and even to the 61.8% fibonnacci level. But the major trend is now down and we may retest the 2700 level during the next down leg.
Above is a daily chart of NOBLE GROUP. For now, the stock has found support at $1.05. It closed higher at $1.095, but at a moderate volume on a quiet day. If the retracement continues, the resistance is at about $1.20 - $1.23. Again, major trend is down, but it is possible to catch retracements to the upside is one is nimble.
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