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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 $27.97 and $28.20 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 $28.13, or 40.5% below the average consensus analyst price target of $47.28. The stock should find initial resistance at its 50-day moving average (MA) of $32.85 and further resistance at its 200-day MA of $33.01.

Noble Energy share prices have moved between a 52-week high of $52.69 and a 52-week low of $23.77 and are now trading 18% above that low price at $28.13 per share. The 200-day and 50-day moving averages have moved 0.12% lower and 1.31% higher over the past week, respectively.

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 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 25.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Noble Energy

Ticker(s): NBL