Jul 18 - TA for Noble Group
- Trend - Down
- Momentum - Oversold
- Support - 1.67
- Resistance - 1.80 or 20D MA (Support turn Resistance - bearish)
- Volume - 3x
- Candlestick - 1x black crow (Gap filled) - bearish
- Pattern - Downward Slope Channel - bearish
July 15, Noble is like a "Falling Knife" dropping 4.8%, breaking 2 supports (1.87 and 1.80 respectively). From the Fibonacci Retracement, it has already dropped from the peak to about 24% range (see the chart above). If you are planning to LONG it, please forget it - as FA/TA are down trending. It has more Down side than Up. For TA trading, I would prefer OLAM (side trending) or WILMAR (up trending).
In my last blog on Olam, I have contributed a comparison chart of Olam, Glencore, Noble and Wilmar. In this round, I will highlight the performance index for those commodity stocks. As mentioned before, Glencore (805:HK) is of value as compared to SGP cousin. Sadly, Glencore since IPO has been in down trending same as Olam and Noble. Today, Noble has finally meet the Olam line. In general, Olam and Noble is over valued compare to Glencore. So the choice is clear for you.
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