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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Noble Energy (NYSE:NBL) based on the price action in the company's shares. Today's price range of $29.75 and $30.00 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 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. 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 deepwater Gulf of Mexico areas in the US, with key international operations offshore Israel, the North Sea and West Africa.

In the past 52 weeks, shares of Noble Energy have traded between a low of $23.77 and a high of $52.69 and are now at $29.87, which is 26% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

There is potential upside of 58.3% for shares of Noble Energy based on a current price of $29.87 and an average consensus analyst price target of $47.28. Noble Energy 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.

SmarTrend recommended that its subscribers protect gains by selling shares of Noble Energy on January 9th, 2017 by issuing a Downtrend alert when the shares were trading at $37.57. Since that call, shares of Noble Energy have fallen 19.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Noble Energy

Ticker(s): NBL