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

By James Quinn

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 $31.34 and $31.66 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.

There is potential upside of 12.8% for shares of Noble Energy Inc based on a current price of $31.36 and an average consensus analyst price target of $35.37. Noble Energy Inc shares should first meet resistance at the 50-day moving average (MA) of $32.85 and find additional resistance at the 200-day MA of $33.01.

Noble Energy Inc share prices have moved between a 52-week high of $42.03 and a 52-week low of $22.99 and are now trading 36% above that low price at $31.36 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has remained constant.

Noble Energy, Inc. is an independent energy exploration and production company. The Company explores for and produces crude oil, natural gas, and natural gas liquids. Noble Energy operates primarily in the Rocky Mountains, Mid-continent, and deep-water Gulf of Mexico areas in the US, with key international operations offshore Israel, the North Sea and West Africa.

SmarTrend recommended that subscribers consider buying shares of Noble Energy Inc on December 21st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $28.23. Since that recommendation, shares of Noble Energy Inc have risen 12.4%. 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