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Watch for Continued Losses in Shares of Noble (NE)

By Amy Schwartz

Noble (NYSE:NE) traded at a new 52-week low today of $3.58. This new low was reached on below average trading volume as 2 million shares traded hands, while the average 30-day volume is approximately 10.9 million shares.

Noble has overhead space with shares priced $3.61, or 50.8% below the average consensus analyst price target of $7.34. 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.

Noble share prices have moved between a 52-week high of $18.08 and the current low of $3.58 and are currently at $3.61 per share. 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 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.

SmarTrend recommended that its subscribers protect gains by selling shares of Noble on March 8th, 2017 by issuing a Downtrend alert when the shares were trading at $6.23. Since that call, shares of Noble have fallen 39.3%. 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