Tuesday, May 15, 2012
STI, noble group and nol
A general look at the STI. Above is a weekly look at the STI. I decided to use the weekly chart because the trends are clearer here compared to the daily chart. We closed higher today compare to yesterday. I think it is because the market was a bit oversold, so some bargain hunters came in. Things dont look so bad on the weekly chart. It looks like a normal retracement of a longer term uptrend back to test the 200 period moving average, which is about the 2830 level and maybe even the 50% retracement at 2820. Actually we managed to close above the 61.8% retracement level, but i am not so sure if we will be able to hold that level and to initiate a rebound. We shall see after Friday.
Above is a weekly chart of NOL. We are getting pretty close to its previous pivot low of $0.995. It would be interesting to see how the price behaves around the $1.00 level. If it manages to hold, then we will be able to see a rebound soon. I think $1.00 should be a strong support level for NOL.
Above is a chart of Noble Group. Even though Noble Group and NOL are in two very different sectors, their chart looks so similar. Noble group is also trending towards its pivot low and to some pretty strong support at about $1.10. If this support is able to hold, expect noble group to rebound to overhead resistance of $1.35. If Noble group is unable to hold above $1.10, the next support is at $0.80.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment