$NBL Bearish MACD crossover imminent - expecting fresh lows by mid to late February.
Also of note:
- Put/call ratio has been steadily increasing this week (bearish sentiment growing)
- RSI and MFI both trending down.
Targeting $15.50-$16.50 range by next ER.
Note: Informational analysis, not investment advice.
NBL is approaching our first resistance at 23.20 (horizontal pullback resistance, 23.6% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 17.66 (horizontal swing low support).
Stochastic (55,5,3) is also approaching resistance where we might see a corresponding drop in price.
Noble Energy has broken the accumulation and is now in the markup stage with price above 20 DMA above 50DMA. Target is slightly below previous high around 37.50 and stop is in channel and below whole dollar around 28.90
There are a lot of energy stocks, which have gapped down, on our list today. Many provide near-term sell opportunities but I felt the best of them was NBL.
Looking at pivot highs and lows on the weekly chart, NBL seemed to have plenty of room to manoeuvre (about 800 points before the next major support). The daily gap down (on higher volume) broke below...