Noble: Back down to 0.300 support..... wait.... seeing some throw down below this level today...... price 0.295

Downward pressure back again?

Sent: Tuesday, January 12, 2016 9:33 AM
Subject: ************** Noble: Rebounding from 0.300 support which would the immediate support.... but not out of the woods, look to short near resistance... price 0.335

Following up from previous note, we have indeed seen some support for Noble at the 0.300 psychological support level. As mentioned, prices are capped at 0.34 – 0.35 for now which would be the immediate resistance for now then 0.38 which was originally the support level. Longer term trend is still negative and as long as 0.35 – 0.38 is the resistance, we can still expect a trade back down to key support at 0.30 on any temp rebound like we are seeing now. Looking to CFD SELL positions near resistance to ride back the downside. Indicators still looking negative with MACD crossing back below the zero mark with more weakness likely below 0.38. Those looking to trade the rebound up can scale some trades back near 0.300 support with a stop loss at 0.285 – 0.29 in case support breaks down again, in this case we can see a trade to 0.26 then 0.20.