As promised, I would review Noble when I’m back from my trip in Taiwan!
This post is a follow-up of Noble – Were you caught by surprise? What Now?
Green Line: 7-Year Trend
Red Line: New Support Line
Blue Line: Old Support Line (Used in previous post)
Brown Line: Resistance Line
So it turns out, I used the ‘wrong’ support line(Blue) to estimate my buy price. The new support line (Red) would have been a far more accurate support line. Although hindsight is 20-20 but what’s inaccurate is still inaccurate. Had I drawn accurately from the start, the support should have been at 0.85 and it was an wasted opportunity to make a cool 10% gain. However, right now I’m just keeping watch for the downtrend line to be broken before thinking about being vested in Noble.
The long-term prospects of Noble doesn’t look too shabby and prices are currently at the support level. I will consider entry when the short-term downtrend is broken. For now I’m just keeping watch. We’re entering/have entered an opportune time to take on some position. But I still wish to watch to confirm that the uptrend is still in play and will not be negated by the 1-year downtrend. Maybe I can take up a small position when it re-tests the support line? 🙂