NBL fails to close above 20-day moving average
Noble Energy Inc (NBL) Technical Analysis Report for Sep 14, 2018
NBL ended the week 1.03% higher at 29.38 after gaining $0.22 (0.75%) today. Today's closing price of 29.38 marks the highest close since September 5th. Closing above Thursday's high at 29.31, the stock confirms its breakout through the previous session's high having traded $0.28 above it intraday.
Friday's trading range was $0.42 (1.44%), that's far below last trading month's daily average range of $0.76. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.
After spiking up to 29.59 during the day, the market found resistance at the 20-day moving average at 29.46.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 29.80 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 28.71 where further sell stops might get triggered. Further selling could move prices lower should the market test August's nearby low at 28.46.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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