Since the end-May breakout from $1.20 to $1.64 high in early June, NOL has been underpinned by its rights issue the trading of which ends tomorrow.
Although $1.64 ie the 38.2% fibonacci mark of its one-year chart from $3.04 high to 77c low in March has proven to be a major hurdle, the stock has stayed well above the 23.6% point at $1.30.
Today it comes closest to the middle Bollinger band ($1.46) since the end-May breakout, a sign of support coming in.
14-day RSI at 52.6 is also at level before that breakout while 7-days (at 45.3) is even more suggestive of a small technical rally taking place.
The counter has resumed trading below 13-days simple moving average (at $1.52) and the fact that it manages to spring back above this buy signal line for much of the past fortnight indicates its strength to move to $1.55-59 within intra-day trading.
In another sign that support is strong at $1.45-46 is the 30-day MA at $1.45 which has stayed well below daily price since end-May until today.
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