Sunday, January 30, 2011

NOL - Jan 30

NOL looks like a good buying opportunity to me... immediate support at 2.22 (50dma) is seen with an even stronger support at 2.16 (100dma)...

MacD is en route to making a nice golden cross and stochastic has just recently rebounded from oversold condition. There was huge buying volume on Thursday, with a small sell down on Friday... NOL is on an uptrend and there is currently no indication of any trend reversal at sight. It would perhaps be a great buying opportunity and I might place buy orders near those two moving average support on Monday.

Then again, on a more cautious note, the counter may face "irrational bearishness" on Monday due to the Egypt crisis and the support may or may not hold...lets see how things unfold on Monday. =)

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