On Friday, Noble re-tested its minor support at $1.64 and closed at $1.66 with regular volume of 30.8 million shares traded.
A black candle stick with long lower shadow similar to “Hammer” indicates prices seems to find its short term support at $1.64
Both RSI & MACD are turning bearish as MACD lines may cross down any moment.
Important Resistance of Noble: $1.67
Immediate Support of Noble: $1.64
Currently prices are well below the 20/50/100/200 days MA.
Since Mar 2010, prices of Noble have forming a long term descending triangle with “lower high” and “lower low”.
Although we do not understand the fundamental for this reversal but we advise long term investors to keep this stock out of the “watch list”.
As of now, we will be watching the minor support at $1.64 & major support at $1.60 for any indication that Noble may re-bound off these levels for swing trading opportunities.
Most importantly SELL on earning reports due 12/Aug if things turn bad.
On Friday, Singtel gap down and closed at $3.04 with low volume of 9.21 million shares traded.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. The two candles preceding the falling window were black, which makes this pattern even more bearish.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Both RSI & MACD are bearish as MACD perform a steep cross down on Friday.
Important Resistance of Singtel: $3.16
Immediate Support of Singtel: $3.04
Currently prices are support by the technical/50/200 days MA at $3.04 while resisted by the 100 days MA.
Although Singtel gap down due to ex-dividend on Friday but the selling pressure is relatively low.
Investors are still anticipating the earning reports from Singtel due 12/Aug which explain the low selling volume despite ex-dividend.
The failure to break major resistance at $3.16 on 2/Aug has already prompt swing traders to jump ship which can be seen for the past couple trading sessions.
Thus for investors who are still vested, we would advise to look out for the earning reports due 12/Aug and SELL on news if things turn ugly.
Last point to highlight is that Singtel is a suitable stock for swing trading since it has been in “consolidation stage” since Oct 2009 and trend between major resistance at $3.16 and major support at $2.90 as shown on the charts.
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