Noble (technical)

Noble: Trading Central notes the stock has dropped sharply and posted two bearish gaps after the downside penetration of the neckline (at $1.265) of a double top pattern. Nevertheless, the daily RSI is now extremely oversold (below 30), and the share price is nearing its key support level at $1.02 (previous low), which has never been broken since Jun '09. Tips a technical rebound more likely at the current stage to $1.11 and $1.16, as long as $1.00 (a key psychological level) holds on the downside.