NBL dominated by bulls lifting the market higher throughout the day
Noble Energy Inc. (NBL) Technical Analysis Report for Aug 10, 2020 | by Techniquant Editorial Team
NBL finished Monday at 10.69 gaining $0.42 (4.09%), notably outperforming the S&P 500 (0.27%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (NBL as at Aug 10, 2020):
Monday's trading range has been $0.36 (3.48%), that's slightly below the last trading month's daily average range of $0.42. 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 White Candle. The last time a White Candle showed up on August 4th, NBL gained 2.36% on the following trading day.
Although the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Buying might speed up should prices move above the close-by swing high at 10.97 where further buy stops could get triggered. Further buying might move prices higher should the market test July's nearby high at 11.19.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Noble Energy. Out of 118 times, NBL closed lower 54.24% 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 55.93% with an average market move of -0.91%.