A few email calls was sent to clients over the past few weeks to warn them of more selling to come….
After about 2 weeks, Noble has really traded lower back to the 0.120 support level….
Low seen today was at 0.121….
Question now is : Can the 0.120 hold too?
I am not too sure either, maybe not today….
All I am pretty sure is that the downtrend is pretty firm now, especially if it trades below 0.126
And any firm sell down below 0.120 with a confirmation that I would like to see….
Can see a new low where we may ride the weakness further….
Would be also good to cover back some shorts and take profit near here….
We have seen it trade downwards with some support at the 0.130 next support for now. Note that if this does not hold as well, we can see it trade towards the 0.120 previous low as mentioned. Indicators are still pointing towards a weak trend especially below 0.134 now.
Noble has hovered above the 0.140 support level for about 2 weeks and today we have seen more selling again with it breaking below. A move below can signal the downtrend continuing with sellers out again. Short term target to 0.130 then 0.120 which was the previous low. Any clear break down below 0.120 can see it trade towards 0.100 critical psychological support.... Not good below 0.140 now. Cautious long....