Noble had suffered a major sell down since September last year. It was after a huge profit taking followed by distribution from the BBs which caused the avalanche fall in prices. Thereafter, bad reports after reports caused by sovereign funds from foreign house which continued to push prices lower.
Today it has reached a new low at 0.645, but however in the 5 minute chart, it was considered a flush or the price wouldn't have rebounded back to 0.67 as of now. In my opinion, it is still very shaky at the moment and it's risky to trade. I am not looking to short this counter anymore but instead looking more on the long side. However, the timing and price is crucial at this juncture. A rebound maybe imminent. We shall watch.
Update: June 10th, 9:27am
Continued to up one more pip!
Ronald K - Market Psychologist - The Big Speculator
