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

By David Diaz

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 $34.02 and $34.40 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.

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 $34.35, 45% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.3%.

Noble Energy has overhead space with shares priced $34.35, or 23.4% below the average consensus analyst price target of $44.83. The stock should discover initial support at its 200-day moving average (MA) of $33.01 and subsequent support at its 50-day MA of $32.85.

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

Keywords: bullish inside day candle Noble Energy

Ticker(s): NBL