Possible Bullish Inside Day Candle Pattern Detected for Noble Energy (NYSE:NBL)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Noble Energy (NYSE:NBL) based on the price action in the company's shares. Today's price range of $34.90 and $35.29 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. Traders and investors interested in shares of Noble Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
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.
Over the past year, Noble Energy has traded in a range of $23.77 to $52.69 and is now at $35.11, 48% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.
There is potential upside of 27.7% for shares of Noble Energy based on a current price of $35.11 and an average consensus analyst price target of $44.83. Noble Energy shares have support at the 200-day moving average (MA) of $33.01 and additional support at the 50-day MA of $32.85.
SmarTrend recommended that subscribers consider buying shares of Noble Energy on April 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $32.98. Since that recommendation, shares of Noble Energy have risen 5.1%. We continue to monitor NBL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish inside day candle Noble Energy