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Update
The stock remains a laggard despite its 'peers' Olam and Wilmar's rebound
On a risk rewards basis, support for the stock remains at the region of S$1.05-1.08.
We think it would be a better opportunity as compared to Olam and Wilmar.
Our view remains the same largely as mentioned yesterday (see email below).
To:
Date: 06/19/2012 04:02 PM
Subject: Noble Group - A break above S$1.18 points to the next resistance level at S$1.24
Sent by: Wiwit Soewono
Noble - A break above S$1.18 points to the next resistance level at S$1.24
Reference to recent note for Noble Group in our retail market monitor:
support and resistance watch on 15 June 2012
technical buy on 11 June 2012
technical buy on 6 June 2012
Based on the support and resistance levels featured on 15 June 2012. a break above S$1.18 is likely to test the next resistance level at S$1.24 (S$1.24 supercedes the previous technical target price)
At the time of writing, the stock is a top volume counter with about 30m shares traded.
The stock is currently hovering above its 20 days moving average and a 'golden cross' in its short term moving averages suggesting a change in the trading direction.
Vis-a-vis Olam - which has broke above its 'inverse H&S' neckline, Noble could be seen as a laggard play.
Key support is at the S$1.05-1.08 region.
at the time of writing noble last traded at S$1.17.
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Retail Market Monitor - 11 June 2012
Noble Group (NOBL SP, N21) -
Technical BUY with +9.6% potential return
Last price: S$1.095
Resistance: S$1.20
Support: S$1.05
Maintain BUY with a target price of S$1.20. The stock is forming an interim bottom as prices could be consolidating between S$1.05 and S$1.14 after breaking out of the downtrend resistance trend line. A break above S$1.14 points to a possible resistance level at S$1.20. Technical indicators are largely trending up, as seen at its MACD, Stochastics and CCI indicators. Stops could be placed at below S$1.00 which could be a last line of defence for the bulls.
Our institutional research has a fundamental BUY with a target price of S$1.80.
Retail Market Monitor - 6 June 2012
Noble Group (NOBL SP, N21) -
Technical BUY with +10% potential return
Last price: S$1.09
Resistance: S$1.20, S$1.28
Support: S$1.05
The stock is currently forming an interim bottom at S$1.05 as prices have rebounded thrice from this level. The stock has also moved above its short-term moving averages, along with the MACD trending up after forming a bullish crossover. Stops could be placed at below S$1.00. BUY with a view that prices to move towards S$1.20 and S$1.28.
Our institutional research has a fundamental BUY with a target price of S$1.80.
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20-Jun 2012 Wednesday
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