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Possible Bearish Inside Day Candle Pattern Detected for Noble Energy Inc (NYSE:NBL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Noble Energy Inc (NYSE:NBL) based on the price action in the company's shares. Today's price range of $24.57 and $24.84 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Noble Energy Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Noble Energy Inc has overhead space with shares priced $24.57, or 41.3% below the average consensus analyst price target of $41.87. Noble Energy Inc shares should encounter resistance at the 200-day moving average (MA) of $27.67 and support at the 50-day MA of $22.55.

In the past 52 weeks, shares of Noble Energy Inc have traded between a low of $17.11 and a high of $37.76 and are now at $24.57, which is 44% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has advanced 1.0%.

Noble Energy, Inc., an independent energy company, engages in the acquisition, exploration, development, and production of crude oil, natural gas, and natural gas liquids worldwide. It owns, operates, develops, and acquires domestic midstream infrastructure assets in the DJ and Delaware Basins.

SmarTrend recommended that subscribers consider buying shares of Noble Energy Inc on February 21st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.96. Since that recommendation, shares of Noble Energy Inc have risen 3.8%. We continue to monitor NBL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle noble energy inc

Ticker(s): NBL