Noble Grp – Found its bottom?

Trend: Downtrend, 20ma down, MacD below 0

Support: 1.56, 1.49

Resistance: 1.67 (50ma), 1.75 (100ma close)

Observations
Candlestick – One white soldier.
Histogram – Mixed. No Bullish Divergence.
RSI – Around 40%. No Bullish Divergence.
Stochastic – No Bearish Crossover.
Bollinger Band – Closer to mid band. Squeezing.

Conclusion:
Noble grp which is another counter that was badly beaten after strings of bad announcement is starting to show signs of slowing downward movement. Will this be the bottom for Noble grp?
The trend of Noble generally is still downtrend although it is starting not to form a lower low. There is a possibility that Noble is starting to form a same low at the support level of 1.56 level. The possibility could be high as the candlestick shows a one white soldier formation which indicates that the support level is forming.
If Noble is to break 20ma, it will confirm the bullish reversal and might head towards 1.67 resistance level. Chances of a same high could be formed there as the trend would have turned into sideways by then. If 1.67 resistance is to break, the trend could have changed to uptrend with and possibility of heading towards 100ma. Based on the indicators, the signals are fairly mixed and this happens when the trend is sideway.
In conclusion, Noble grp’s trend could have change to sideway as it refuses to break 1.56 support level. There might be a chance that Noble will be heading towards 1.67 as resistance first to form a same low. But if Noble breaks 1.67 resistance, it’s trend would have changed to uptrend.

What to watch out for this week:
1) Confirmation of one white soldier and breaking 20ma.
2) Breaking of 1.67 resistance
3) Breaking of 1.56 support

Trading strategy to adapt right now:
- Long when there is confirmation of one white soldier (Counter trend trade and not very good risk and reward currently)
- Wait for breakout of 1.67 resistance with high volume.

*Disclaimer applies