Watch for Continued Losses in Shares of Noble (NE)
Shares of Noble (NYSE:NE) traded today at $5.11, breaking its 52-week low. So far today approximately 1.4 million shares have been exchanged, as compared to an average 30-day volume of 10.9 million shares.
Noble share prices have moved between a 52-week high of $18.08 and the current low of $5.11 and are currently at $5.13 per share. The 200-day and 50-day moving averages have moved 0.53% lower and 2.01% higher over the past week, respectively.
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.
There is potential upside of 164.6% for shares of Noble based on a current price of $5.13 and an 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.
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 43.7%. 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