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NOL: That sinking feeling.

Monday, March 28, 2011

NOL is definitely not for the faint hearted. Today's black candlestick with price closing at $1.93 was formed on the back of very high volume and it looks like the downward momentum is strong as the MACD formed a lower high in negative territory. The MFI is also on its way to form a lower low.

Technically, NOL is still in a downtrend which started on 5 Jan 2011. A continuing downward movement in price could see the channel support at $1.84 tested or, in very bearish situation, the lower limits of the MA envelope tested. Any attempt to move higher would meet with resistance at $2.02, a recent thrice tested resistance level. Good luck to all vested.


Isaac said...

oooh. :underwater:

AK71 said...

Hi Isaac,

I see you are enjoying yourself. ;)

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