Noble: The Losing Streak Continues (NE)
Shares of Noble (NYSE:NE) traded at a new 52-week low today of $5.83. Approximately 1.1 million shares have changed hands today, as compared to an average 30-day volume of 10.9 million shares.
Potential upside of 127.7% exists for Noble, based on a current level of $5.96 and analysts' average consensus price target of $13.57. Noble shares should first meet resistance at the 50-day moving average (MA) of $10.62 and find additional resistance at the 200-day MA of $11.14.
Over the past year, Noblehas traded in a range of $5.83 to $18.08 and are now at $5.96. The 200-day and 50-day moving averages have moved 0.53% lower and 2.01% higher over the past week, respectively.
Noble Corporation provides diversified services for the oil and gas industry. The Company provides contract drilling services with its fleet of offshore drilling units located in markets worldwide. Noble also provides labor contract drilling services, well site and project management services, and engineering services.
SmarTrend recommended that its subscribers protect gains by selling shares of Noble on May 11th, 2016 by issuing a Downtrend alert when the shares were trading at $9.30. Since that call, shares of Noble have fallen 36.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: 52 week high/lows Noble