updates to STI, NOBLE GROUP and NOL

The STI gapped down past the 2800 level all they way to the 38.2% fibonnacci retracement level of 2767 before closing at 2779. This happens to be close to the previous pivot high in Jul 2011. We are very oversold on the daily chart and i expect some rebound next week. This is also a rather key pivot level. Let us see what the market gives us next week.

Above is a weekly chart of NOBLE GROUP. We tested the previous low of 1.05 and had a nice bounce from there. I certainly hope NOBLE GROUP can hold at this level. If the price breaks below this level, the next support is at $0.80, a level only seen way back in late Mar 2009. If we do manage to reverse, the upside target is $1.34

NOL also hit the previous pivot low of $1.00 before closing at $1.03. If this level fails to hold, the next downside target is $0.76, which was the low in Mar 2009 during the dark days following the collapse of Lehman Brothers. If indeed the exit of Greece from the EU is the equivalent of the collapse of Lehman Brothers, then we could see a test of such levels. Let us see how the drama unveils.