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Wednesday, February 1, 2012

NOL - Closed Above 200 MA

NOL closed above the 200 days moving average today. If the gain can be sustained, we could expect much more upside ( immediate target is $ 1.47 ).  There are, however, some signs of caution for short term profit taking since the counter is quite overbought and that Parabolic SAR is tracking the prices quite closely.

The Market:
I like the comment from POEMS today : "The STI has poked its head above the 200 day moving average again, third time. We need some follow thru in either direction". I have expected some short term pull back to around 2,795 but it has not happened ( yet ). As stated in my previous post, 2,910 is not easy to defeat. However, the STI is much more resilient than I have expected. My gut feel is that the STI will ultimately break the 2,910 ( with or without the pull back I have expected ).