Tuesday, May 2, 2017

Noble: A new low again and some short covering but is the selling really over? Take a look at system too.... Price 0.141

Following up from previous blog post about 3 weeks back when we were still at 0.182>>> http://singaporetradinginsights.blogspot.sg/2017/04/noble-back-to-next-critical-support.html

We have indeed seen more weakness in Noble with more selling and with key supports at 0.180 then 0.160 being broken after each minor consolidation.

Today, it has touched the next support at 0.140 and we are seeing a temp technical rebound for now.

Momentum indicators are still looking weak and we can still see more selling with it breaking below 0.140 now. Cautious long as mentioned all along since 3 weeks back.

From the chart drawn on 16th March 2017 as seen below, down arrows have already played out well, in fact even more selling from where the arrow stopped.

For illustration purpose only.

What about the system?

Just decided to take a quick look to see if there are any exit?

Exit on what?

Exit on a 1ET BEARISH ENTRY SIGNAL that came out on 17 April 2017, Sell entry price 0.179.... see below chart!

PTI grads were alerted of course when the sell down began.

For illustration purpose only

Looking forward to reveal this system to my next batch of Precision Trading Intensive students in about 3 weeks time..... anyway....

Question Now is: Can there be more selling still?

Yes possible. Especially if 0.140 fails to hold and if we see something more.

Note that previous low last year was 0.120 then above 0.110 which it can also head to retest.

Not saying that it will, but it is possible...

Given that it has already sold down that much over the past 3 weeks. 

Thanks to the system that alerted us on weakness in this counter.

Be a Client of Joey to at least be notified of such dangers when it comes >>>  Click here.

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