The price of Noble Grp has increased by more than 2% while the trading activity is lower than the average of the past 50 days. At 1.65, the stock is trading near its 6-month historical low. It is also observed that the MacD line is above the signal line indicating some short-term price strength.
Company Information
Background
Noble Group Limited was incorporated in Bermuda in 1994. The Group manages the global supply chain of agricultural, industrial and energy products. Noble operates a diversified portfolio of raw materials from over 80 offices in more than 40 countries, originating product from low cost producing countries and delivering to high growth demand markets - its "pipeline" strategy. An experienced team of 10,000 employees serve more than 4,000 customers.
Trend: Consolidation with a potential bullish breakout bias
The benchmark STI remains sandwiched between the 20 and 50-day moving averages. Interestingly, a possible bullish crossover signal was spotted in the MACD trend indicator, which suggests a potential change in the trend. In addition, upside momentum is also building up as the Stochastic oscillator continues to inch upwards. In order to see a follow-through, the STI needs to break above the immediate resistance at 2952 to see a potential upside push towards 3043 next. On the other hand, a violation below the immediate support at 2910 may negate the potential bullish tone to see a slide towards the rising window gap support of 2886-2875.
ShareInsightTM is published by ChartNexus Pte. Ltd. ('ChartNexus') and provided by UOB Kay Hian Pte Ltd ('UOB Kay Hian') and has been prepared for general circulation.
This document is intended solely for information purposes only.
Any opinion contained in this document is subject to change without prior notice.
Nothing in this document may be copied, published, circulated or reproduced without our express written consent.
Nothing in this document should be construed as an offer to or a solicitation for the purchase of any securities/ instruments referred to herein.
The securities/ instruments referred to in this document may not be suitable for investment by all persons and any recommendation made in this document does not have any specific investment objectives nor is it intended to address the specific financial situation and needs of any particular person. Whilst we have based the market outlook on known technical analysis tools and information from sources which we believe to be reliable, we nevertheless do not make any representations, undertakings or warranties in respect of the accuracy, correctness or completeness of the information. You are therefore expressly advised not to act of such information without first obtaining independent verification and advice.
Any forecasts made in this document are not necessarily indicative of the future performance of the securities/instruments.
ChartNexus and UOB Kay Hian accept no responsibility and liability howsoever arising for any direct and/or consequential losses arising from and/or in connection with any use of the information in this document (and any further communication made in connection with this information).
ChartNexus, together with UOB Kay Hian and their affiliates, directors, connected persons and employees may from time to time have an interest in or take positions in the securities/instruments mentioned in this document.
UOB Kay Hian Pte Ltd. All rights reserved. Company Registration Number 197000447W
UOB Kay Hian
Sunmart Holdings
