Noble: Technical Sell Call by CIMB. House note that the stock’s rebound from the Nov lows has been strong and prices are now faced with a strong downtrend channel, which is likely to act as a resistance. The huge gap of $1.20-1.605 has yet to be filled-up and we think prices could pullback soon before the bulls can do so.
See weakness on its intra-day charts while its RSI is now overbought as well. We think that prices could soon turn down to neutralize the overbought situation. Sell into strength is a good option here with a buy stop placed above $1.59, its 200-day SMA. Prices could soon test $1.33 and followed by $1.21-1.24, its 30-day and 50-day SMA.
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