Above is a weekly chart of the STI. The STI has continued its downtrend and has hit the 200period moving average. Next critical support level is around 2820. If this level fails to hold, then the selling could get rather ugly as the next major support level is at 2767.
NOL closed at $1.055 today. We could be headed towards the previous pivot low of $0.995. If NOL fails to find support at around $1.00, it could be heading into the region of around $0.85 (the previous low around Oct 2009).
Noble closed at $1.09. It also looks like it is heading towards the previous pivot low of $1.055.
We are at critical levels, the sell-off looks a bit overdone to me, and i think the market will drift lower over the next two days and rebound the next week.
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