Tuesday, June 20, 2017

Noble Group - Short Covering at Base

Noble after the consolidation had been selling all the way down to a low of 0.295. From that point onwards, I wasn't sure if the selling would continue or if the buyers would look to buy back. These 2 days, the stock showed signs of major buying which showed some renewed interest. Studying the chart again, now I know, the short covering took place after shortists had shorted for a long time and hence when they covered shorts, the stock rebound together with the overall buying, the stock just rose.

Update: 20/6/2017, 5:21pm

Towards the end, Noble got sold down with a huge force! Buyers locked in profits and sellers emerged.

Ronald K - Market Psychologist - A Stock Market Opportunist