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NOL: Breakout.

Thursday, July 29, 2010

NOL rose to close at its high of the day at $2.08 on significantly higher volume.  With this, it has broken out of the symmetrical triangle observed some time back.  OBV has been somewhat choppy but rising further would indicate increased accumulation.  MFI has formed an uptrend recently and this suggests increased demand. 




The next resistance is at $2.13, the high of 21 Jun which also did a gap fill then. This is a price which market participants are likely to remember. Taking this out convincingly would give an intial target of $2.28 as suggested by the 138.2% Fibo line.


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