As requested by Postulate. Listed since 19 May 1981 on SGX Mainboard, Neptune Orient Lines Ltd is a transportation company providing container transportation and supply chain management services. The Group operates a modern fleet of vessels with every vessel certified to the latest ISM (International Management Code for the Safe Operation of Ships and for Pollution Prevention) standards.
Technically, NOL made a breakthrough in its chart formation when it broke out of 1.82 level with volume, which happens to be the converging of the important moving ave
rages which serves as important resistances and support levels. Now 1.82 has become a significant support level. the 38.2% retracement from the low of 1.52 to the high of 2.71 is at 1.98, which once broken, would send NOL to 2.12 again. Downside is a breakdown of the 1.80. Next support at 1.73. From chart formation, NOL is trending upwards again in its persisting trend channels.
This brings us to another point, which is why is NOL's upwards trending so strong despite the many negative concerns surrounding the shipping industry in general? Personnally i have made the mistake of shorting NOL in the past without a thorough look at its chart formation and got caught on the upside. My point is, whatever fundamental news a stock may have, the immediate outlook and short term direction of a particular stock can always be infered from its chart formation. The Key is in the details ..
Technically, NOL made a breakthrough in its chart formation when it broke out of 1.82 level with volume, which happens to be the converging of the important moving ave
rages which serves as important resistances and support levels. Now 1.82 has become a significant support level. the 38.2% retracement from the low of 1.52 to the high of 2.71 is at 1.98, which once broken, would send NOL to 2.12 again. Downside is a breakdown of the 1.80. Next support at 1.73. From chart formation, NOL is trending upwards again in its persisting trend channels.This brings us to another point, which is why is NOL's upwards trending so strong despite the many negative concerns surrounding the shipping industry in general? Personnally i have made the mistake of shorting NOL in the past without a thorough look at its chart formation and got caught on the upside. My point is, whatever fundamental news a stock may have, the immediate outlook and short term direction of a particular stock can always be infered from its chart formation. The Key is in the details ..
1 comment:
I'd rather believe in charts than fundamentals.
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