NBL closes within previous day's range
Noble Energy Inc. (NBL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
NBL ended the month 2.63% higher at 8.96 after gaining $0.31 (3.58%) today on high volume, strongly outperforming the S&P 500 (1.54%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (NBL as at Jun 30, 2020):
Tuesday's trading range has been $0.78 (9.21%), that's slightly above the last trading month's daily average range of $0.76. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NBL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, NBL actually lost -7.42% on the following trading day.
Prices are trading close to the key technical support level at 8.56 (S1).
Noble Energy shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Further selling could move prices lower should the market test May's nearby low at 7.73.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Noble Energy. Out of 557 times, NBL closed higher 50.63% 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 54.58% with an average market move of 0.44%.