NBL closes lower for the 2nd day in a row
Noble Energy Inc. (NBL) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, NBL ended the month 11.5% higher at 9.99 after losing $0.23 (-2.25%) today, notably underperforming the S&P 500 (0.77%) ahead of Monday's earnings report. Trading up to $0.27 lower after the open, Noble Energy managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Wednesday, NBL actually lost -4.13% on the following trading day. 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 Jul 31, 2020):
NBL is set to report earnings before tomorrow's market open. For the upcoming report, analysts expect the company to have earned $-0.39 per share. The company's last earnings report was released on May 8, 2020, when Noble Energy Inc. reported earnings of $0.18 per share surpassing market expectations by 500.0%.
Friday's trading range has been $0.36 (3.63%), that's below the last trading month's daily average range of $0.51. Weekly volatility is also lower, being slightly 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 Takuri Line.
Prices are trading close to the key technical resistance level at 10.03 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Noble Energy. Out of 43 times, NBL closed lower 58.14% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 58.14% with an average market move of -1.94%.