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

By Shiri Gupta

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 $5.90 and $6.00 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Over the past year, Noble has traded in a range of $5.09 to $18.08 and is now at $5.96, 17% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 2.0%.

Noble has overhead space with shares priced $5.96, or 56.1% below the average consensus analyst 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.

SmarTrend is tracking the current trend status for Noble and will alert subscribers who have NE in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Noble

Ticker(s): NE