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

By Shiri Gupta

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 $36.14 and $36.52 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 has overhead space with shares priced $36.40, or 18.8% below the 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.

In the past 52 weeks, Noble Energy share prices have been bracketed by a low of $23.77 and a high of $52.69 and are now at $36.40, 53% above that low price. 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 deepwater Gulf of Mexico areas in the US, with key international operations offshore Israel, the North Sea and West Africa.

SmarTrend is monitoring the recent change of momentum in Noble Energy. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Noble Energy in search of a potential trend change.

Keywords: bullish inside day candle Noble Energy

Ticker(s): NBL