Boston, MA, 04/22/2014 (usastockreport) – Noble Corporation New Common Stock – Switzerland (NYSE:NE) edged down a little on Monday after a substantial loss on Thursday. The stock recovered breached the $30 figure and bounced a little from its intraday low to close at $30.02 with a loss of 1.12%
The stock had seen a significant downside in the last week, but managed to sustain some of its losses after Morgan Stanley’s report about the stock.
The momentum indicators on the daily chart for Noble Corporation New Common Stock – Switzerland (NYSE:NE) show a negative divergence, with slight neutral indication on Monday. This implies the stock has a downward trend and may continue to be on the downside.
The relative index for the stock suggests a similar picture; the stock may see some more downside before a trend reversal. We believe the stock should bounce back from $29.5 levels.
The stock is currently trading below its 50 day moving average of $31 and has been prominently below its 200 day moving average which is at $35.56. This indicated the stock has seen a substantial downside and may continue to remain weak in the future sessions. The stock is currently trading inside a triangle. Fresh longs are recommended only once it breaks out of the triangle at around $32.00.
On the upside the stock has a resistance at $31.96 levels and a close above this level could see the stock drive up to $35.85 which is previous high on January 22, 2014. On a bearish note the stock has a support around $28.76 levels.
(FIGURE): Daily Chart for Noble Corporation New Common Stock – Switzerland (NYSE:NE)
Morgan Stanley confirmed the rating of Noble Corporation New Common Stock – Switzerland (NYSE:NE) to an “Equal Weight” status, this could be good news for the company’s stock looking at its recent downward bias. This could result in traders preferring the company’s stock and holding to their previous targets