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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 $5.75. So far today approximately 1 million 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.

In the past 52 weeks, Noble share prices have been bracketed by a current low of $5.75 and a high of $18.08 and are now at $5.79. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.0% while the 200-day MA has slid 0.5%.

Noble (NYSE:NE) has potential upside of 134.4% based on a current price of $5.79 and analysts' consensus price target of $13.57. The stock should run into initial resistance at its 50-day moving average (MA) of $10.62 and subsequent resistance at its 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 37.7%. 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