Monday, June 15, 2015

NOL: Breakdown seen again below 0.85

Seems like a further breakdown below the 0.85 support as mentioned last Wednesday, price now 0.815 !

Sent: Wednesday, June 10, 2015 11:31 AM
Subject: ******** NOL: Rebounding from 0.85 support but not out of the woods, price 0.865
Following up from CFD sell call yesterday, we have indeed seen a strong sell down when it broke the 0.93 support level yesterday and headed to a low of 0.855. Support would be at 0.85 – 0.86 now and we can expect resistance to be at 0.900. Note that as long 0.900 is a resistance, there can still be more downside with 20 day MA line just crossing below the 100 day ma LINE after staying above since January. Range would be at 0.85 to 0.90 for now and any further breakdown below 0.85 support can pave the way to 0.80 then 0.74 where was the low in November last year. CFD SELL to ride any downside on a breakdown. A Bearish Head and Shoulder pattern seen which can signal a downtrend in formation as mentioned in previous email.

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