Disclaimer

Disclaimer:-Please note that all such analysis is provided by way of information only. All of the information was and should be taken as having been prepared for the purpose of reference only and that none were made with regard to any specific investment objective, financial situation or the needs of any particular person who may receive the analysis. Any recommendation or advice that may be expressed in or inferred from such analysis therefore does not take into account and may not be suitable for your investment objective.

Tuesday, January 13, 2009

Noble Group 130109

Noble Group today broke the 1.08 support (pink --), downtrend support (mid red), the 1.04 support (green ...), and closed right on the 1.00 support (blue ...). Selling downs outnumbered buying ups almost 2:1.

If you look at the chart, the warning sign for a trend reversal showed up yesterday in the form of a Doji, and after Noble Group failed to clear yesterday's opening/closing price of 1.11 today, we saw it breaking down with volume.

We could be looking at Noble Group testing the 0.935 support (red --) if the 1.00 psychological support (blue ...) is broken. If the 0.935 support breaks as well, we could be looking at 0.860 (pink ...) as the next support.

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For tomorrow :

Support @ 1.00 (blue ...), 0.965 (green --), 0.950 (low red), 0.935 (red --), 0.900, 0.860 (pink ...)
Resistnace @ 1.04 (green ...), 1.05 (mid red), 1.08 (low blue, pink --), 1.11, 1.14
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