Noble Grp: CIMB has A Technical Sell Call. Note that the stock tried to take out its downtrend resistance band and its 50-day SMA last week but failed. It formed a bearish island reversal pattern and prices have been easing ever since. With its MACD about to reconfirm its dead crossover, expect further selling pressure to set in….
RSI is also starting to turn downwards. Unless prices can close the gap at $2.12-2.18, the odds favour that prices could fall to retest the $2.38 low next. There is another gap at $1.79-1.86 could attract prices towards it in the medium term. Recommend traders Sell now with a stop placed above $2.18 or above the 50-day SMA at $2.20.
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