Buys NE at $6.12 and $6.18.
Noble corp. PLC is a oil drilling contractor based in London, England.
Like all oil related companies their business has dropped off drastically and will probably not recover any time soon.
This trade is based on the chart patterns on the 60 minute and daily charts. On the 60 minute chart we have a Cup and Handle and on the daily chart we have a Hammer. I don’t like the quality of the hammer because there was a no gap down, just a strong recovery on the day after a long run down.
Targets are $7.50, $8.65 and $9.50.
My current stop is at $6.19 which I will raise as the stock rises.
I don’t want to stay in NE longer than 4 or 5 weeks unless there is some positive news in the interim. This only a bounce play, the fundamentals are horrible.