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NOL: Initiated long position at $1.95.

Tuesday, April 12, 2011

My overnight buy queue for NOL at $1.95 was filled today.

NOL has emerged from a downtrend which started on 7 February but it is still within a downtrend which started on 5 January. It is currently moving sideways and we could possibly see some rangebound trading in the near future with $2.01 and $1.92 as the upper and lower limits. Would price move up or down from here? The Stochastics is currently flat at 50% and there is equal chance for upside and downside in the near term.

Any weakness which might lead to a test of support at $1.92 could see me increasing my stake in the company.  This is because the weekly chart shows a rising 100dMA, currently at $1.90. Only after 2 days into the week, it is easy to see that $1.95 seems to be an important pyschological support level for NOL's share price and, thus, I believe, buying in at $1.95 cannot be too far wrong.

Related post:
NOL: Out of the doldrums?


Hubert wee said...

Still holding NOL at 1.93..u saw my post on NOL ? Also note how tight the bollinger bands are now..I hope the next move isn't down..

AK71 said...

Hi Hubert,

There seems to be some support and if I were to hazard a guess, price could remain stuck in a tight range for a while.

If there should be a more vertical movement, an upside from here seems to have a better chance. Of course, Mr. Market does not care what are my thoughts. ;-p

Isaac said...

AK buy NOL! everyone faster buy!

AK71 said...

Hi Isaac,

I rarely check the SPAM folder but I did just now. Rescued your comment from being deleted. ;p

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