NBL runs into sellers around 34.92 for the third day in a row


Noble Energy Inc (NBL) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
NBL runs into sellers around 34.92 for the third day in a row
NBL finds buyers at key support level
NBL closes higher for the 2nd day in a row
NBL rises to highest close since June 7th
NBL still stuck within tight trading range
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, NBL finished Thursday at 34.57 gaining $0.05 (0.14%) on high volume. Today's closing price of 34.57 marks the highest close since June 7th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for NBL
Volatility

Thursday's trading range was $0.70 (2.01%), that's below last trading month's daily average range of $0.90. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 33.38 and 34.92 which it has been in now for the last trading week.

Support/Resistance

After trading as low as 34.22 during the day, the stock bounced off the key support level at 34.31. The failure to close below the support could increase that levels importance as support going forward. Noble Energy ran into sellers again today around 34.92 for the third trading day in a row after having found sellers at 34.86 in the prior session and at 34.89 two days ago.

Trend

Though the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Selling could speed up should prices move below the close-by swing low at 33.74 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Noble Energy Inc
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Low close to previous low TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

NBL closes within prior day's range

Aug 14, 2018
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