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Recent 52-Week Low Surpassed in Shares of Noble (NE)

By Amy Schwartz

Shares of Noble (NYSE:NE) traded at a new 52-week low today of $5.69. So far today approximately 402,000 shares have been exchanged, as compared to an average 30-day volume of 10.9 million shares.

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, Noblehas traded in a range of $5.69 to $18.08 and are now at $5.71. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 2.0%.

Noble (NYSE:NE) has potential upside of 137.7% based on a current price of $5.71 and analysts' consensus 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 recommended that its subscribers protect gains by selling shares of Noble on May 11th, 2016 by issuing a Downtrend alert when the shares were trading at $9.30. Since that call, shares of Noble have fallen 38.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows Noble

Ticker(s): NE