NBL pushes through Thursday's high
Noble Energy Inc. (NBL) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, NBL finished the week 7.84% higher at 23.10 after gaining $0.41 (1.81%) today, significantly outperforming the S&P 500 (0.5%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 22.81, the market confirmed its breakout through the prior session high after trading up to $0.42 above it intraday.
Daily Candlestick Chart (NBL as at Mar 15, 2019):
Friday's trading range has been $0.78 (3.47%), that's slightly below the last trading month's daily average range of $0.82. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for NBL.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern. The last time a White Candle showed up on Monday, NBL gained 1.81% on the following trading day.
Noble Energy managed to close above the 100-day moving average at 23.05 for the first time since August 2, 2018.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 23.85 where further buy stops could get activated. With prices trading close to this year's high at 24.23, upside momentum might speed up should the stock be able to break out to new highs for the year. As prices are trading close to March's high at 23.85, upside momentum could accelerate should the share mark new highs for the month.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Noble Energy. Out of 320 times, NBL closed higher 52.81% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 54.06% with an average market move of 0.41%.