NBL rallies 3.82% closing $0.77 higher
Noble Energy Inc. (NBL) Technical Analysis Report for Dec 04, 2019 | by Techniquant Editorial Team
NBL finished Wednesday at 20.91 surging $0.77 (3.82%), strongly outperforming the S&P 500 (0.63%). This is the biggest single-day gain in over three weeks. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (NBL as at Dec 04, 2019):
Wednesday's trading range has been $0.94 (4.56%), that's above the last trading month's daily average range of $0.77. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NBL.
One bullish candlestick pattern matches today's price action, the Morning Star. The last time a Morning Star showed up on November 1st, NBL gained 6.49% on the following trading day.
The stock managed to close back above the 50-day moving average at 20.67 for the first time since November 27th.
Though the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Further buying might move prices higher should the market test November's close-by high at 21.89.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for Noble Energy. Out of 87 times, NBL closed higher 51.72% 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 59.77% with an average market move of 1.17%.