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NOL: TA update.

Sunday, July 10, 2011

NOL has been one big disappointment. So, is this the fault of the counter? Nope. We can only be disappointed if we have expectations and when they are not met. It was a mistake and I will accept it as such.

However, downtrends are rivers of hope. NOL's share price could be overdue for a rebound. This does not mean that I think a rebound is imminent though.


Look at the daily chart and we could see the potential for a double bottom set up or a positive divergence. Wait to see if the recent low of $1.44 would be tested again. If it were to happen on much thinner volume before turning up, it would be good news for bulls. Or if a lower low in price were to be formed with a higher low on the MACD, we would have a positive divergence. In either scenario, we could have the conditions for a rebound which could test resistance provided by the declining 50dMA which coincides with the downtrend resistance.

In a downtrend, sell at resistance.

4 comments:

ortho said...

Hi AK71
Have you sold yr NOL?

AK71 said...

Hi ortho,

"In a downtrend, sell at resistance." That should tell you something. ;)

ortho said...

Hi AK71
That would mean you cut lost? I remembered you entered around 1.60?

AK71 said...

Hi ortho,

Nope. NOL has yet to test resistance and I have yet to cut. ;)

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