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Trade of the Day: Noble Corporation Ordinary Shares (UK) (NYSE:NE)

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Select energy stocks appear to be making a bottom, and Profit Scanner, powered by Recognia, has identified three names trading around $10 that could move double digits in less than a month’s time.

Noble Corporation (NE)

Noble Corporation

The Pattern for Noble Corporation (NE): A bullish Continuation Wedge, which tells traders that after a brief interruption, Noble Corporation is set to resume its prior uptrend. A bullish Continuation Wedge represents a temporary break to an uptrend, taking the shape of two converging trendlines both of which are slanted downward against the trend.

What’s happening is that the bears are attempting to win over the bulls, but, at the end of the day,  the bulls will be victorious as the stock’s break above the upper trendline indicates a continuation of the prior uptrend.

The Target Price: This pattern carries a target price for Noble Corporation shares  of $12.10 – $12.70, some 25% to 32% higher than current levels. The pattern has an expected duration of 17 trading days.

Stop Loss: Profit Scanner places a “medium” stop loss for Noble Corporation at $7.04.

NRG Energy Inc (NYSE:NRG)

Noble Corporation

The Pattern for NRG Energy (NRG): Just like Noble Corporation, NRG Energy is in a bullish Continuation Wedge. Again, this ells traders that after a brief interruption, NRG shares will resume their prior uptrend. This pattern represents a pause to an uptrend, which takes the shape of two converging trendlines.

Both trendlines slant downward against the trend as the bears attempt to overtake the bulls. But the bulls will will the battle as the stock’s break above the upper trendline suggests a continuation of the prior uptrend.

The Target Price: This pattern carries a target price for NRG shares of $15.20 – $15.70, some 15% to 19% higher than current levels. The pattern has an expected duration of 16 trading days.

Stop Loss: Profit Scanner places a “medium” stop loss for NRG at $11.51.

 

Encana Corporation (USA) (NYSE:ECA)

Noble Corporation

The Pattern for Encana Energy (ECA): A bullish Symmetrical Continuation Triangle tells traders the price has broken upward out of a consolidation period, suggesting a continuation of the prior uptrend. A bullish Symmetrical Continuation Triangle  shows two converging trendlines as prices reach lower highs and higher lows.

Volume diminishes as the price swings back and forth between an increasingly narrow range reflecting uncertainty in the market direction. Then well before the triangle reaches its apex, the price breaks out above the upper trendline with a noticeable increase in volume, confirming the pattern as a continuation of the prior uptrend.

The Target Price: This pattern carries a target price for ECA shares of $6.95 – $7.15, some 11% to 14% higher than current levels. The pattern has an expected duration of 16 trading days.

Stop Loss: Profit Scanner places a “medium” stop loss for ECA at $5.14.

Profit Scanner powered by Recognia can help traders of all levels uncover these signals to determine the best timing to buy. Or use Profit Scanner’s technical insight to validate your own trading ideas. See how easy this powerful tool is to help you uncover hidden opportunities in the market.


Article printed from InvestorPlace Media, https://investorplace.com/2016/04/trade-of-the-day-noble-corporation-ordinary-shares-uk-nyse-ne/.

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