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NOL: Return to profit.

Wednesday, February 16, 2011

NOL reported a return to profit which beats analysts' estimates and declared a dividend of 4.6c per share!  Good news for shareholders, indeed!

Technically, the flat 200dMA is providing support and we could see price going higher tomorrow. I expect initial resistance at $2.18 which is where we find the rising 100dMA. Stronger resistance is expected at $2.23 which is where we find the 50dMA and it is also where a dead cross was formed by the declining 20dMA and the 50dMA.

Expect some selling into strength to take place as the MFI has been forming lower highs. This suggests a dampening of demand. Watch those resistance levels. If they should be taken out on the back of high volume, then, price could go higher. $2.30 would be next.

Related post:
NOL: Full steam ahead.


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