2waytrading
Short

Will this Megaphone Be a Good Study?

NYSE:NBL   NOBLE ENERGY INC
88 0 2
A megaphone top is not only rare to detect but hard to find, and is very rare formation which usually happens when price fluctuates..a kind of out of control. In other terms, you may hear it being called broadening top. This is a bearish pattern and its shape is opposite of that of a symmetrical triangle which is very common and easy to find. Here in this stock as you can see from Feb there was a price recovery from from last October's top, at 61.8% price met a stiff resistance which forced many bottom fishers to book profit..the decline was not scary, and only printed higher low before it resumed upside move..First higher high followed by higher high. If you draw a few lines to see three subsequent highs followed by to decisive lows which fall the category of megaphone top, One of main leading factor of this bearish happens once price prints a new 2 years high or all time high for that matter. Although RSI is at 30 which in some cases suggest the bottom near, it can even be a signal for further sell off. If you decide to take a position make your stop loss at recent swing high $74 area with target price $55-$57. If you like this follow us..expect more to come and stay tuned.
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