Noble Group 270209

Action for Noble group came earlier than expected when it broke the 1.08 resistance (pink --) on 26 feb. Volume done on that day was almost double the previous day's. However, Noble Group has yet to test the uptrend resistance (mid blue).

Moreover, there wasn't much momentum for Noble Group today as it opened above the 1.08 neckline and closed right on it. Most trades were done at the 1.07/1.08 prices with just slightly more being selldowns.

Interestingly, while about 20m were done in about 700 trades in the 1.07/1.08 price range, only 13 trades were done in the 1.09 price, amounting to almost 4m shares, and none were selldowns.

The 1.04 support remains crucial for Noble Group. If it can maintain trading above this support, as well as the downtrend support (mid red), we could see Noble Group attempt to test the uptrend resistance (mid blue) and downtrend resistance (upp red) soon.

If the 1.04 support breaks, we could see Noble Group re-visit the 0.995 support, the downs of Noble Group is usually swift.


For monday:

Support @ 1.05 (mid red), 1.04 (green --), 1.03 (low blue), 1.02 (red ...), 0.995 (blue ...), 0.965 (green --), 0.945 (low red)

Resistance @ 1.11 (mid blue), 1.14 (upp red), 1.17 (upp blue), 1.18 (blue --)