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Shares of Noble Has Fallen Below Previous 52-Week Low

By Shiri Gupta

Noble (NYSE:NE) traded today at a new 52-week low of $6.00. This new low was reached on below average trading volume as 1.9 million shares traded hands, while the average 30-day volume is approximately 10.9 million shares.

Noble has overhead space with shares priced $6.05, or 55.4% below the average consensus analyst price target of $13.57. The stock should find initial resistance at its 50-day moving average (MA) of $10.62 and further resistance at its 200-day MA of $11.14.

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.

In the past 52 weeks, shares of Noble have traded between the current low of $6.00 and a high of $18.08 and are now at $6.05. The 200-day and 50-day moving averages have moved 0.53% lower and 2.01% higher over the past week, respectively.

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 33.2%. 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