NBL finds buyers again around 8.52
Noble Energy Inc. (NBL) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
NBL ended Monday at 9.45 gaining $0.72 (8.25%), significantly outperforming the S&P 500 (0.38%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 9.36, the share confirmed its breakout through the prior session high after trading up to $0.13 above it intraday.
Daily Candlestick Chart (NBL as at Jun 01, 2020):
Monday's trading range has been $0.97 (11.02%), that's far above the last trading month's daily average range of $0.76. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NBL.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 20-day moving average at 9.35. When this moving average was crossed above the last time on May 15th, NBL gained 13.49% on the following trading day. After having been unable to move lower than 8.63 in the previous session, the stock found buyers again around the same price level today at 8.52.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Noble Energy. Out of 152 times, NBL closed higher 50.66% 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 61.18% with an average market move of 0.52%.