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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Noble (NYSE:NE) based on the price action in the company's shares. Today's price range of $4.09 and $4.18 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Noble share prices have been bracketed by a low of $3.83 and a high of $18.08 and are now at $4.15, 8% above that low price. The 200-day and 50-day moving averages have moved 0.53% lower and 2.01% higher over the past week, respectively.

Potential upside of 77.0% exists for Noble, based on a current level of $4.15 and analysts' average consensus price target of $7.34. The stock should run into initial resistance at its 50-day moving average (MA) of $10.62 and subsequent resistance at its 200-day MA of $11.14.

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 March 8th, 2017 by issuing a Downtrend alert when the shares were trading at $6.23. Since that call, shares of Noble have fallen 32.5%. 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

Ticker(s): NE