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This suggests price resilience at $0.85 and further signs of a trough.
The stock’s volume and price action in the past 1-2 weeks also indicate likely price stabilization and basing pattern in formation.
We note that substantial shareholder Prudential has raised its stake in Noble Group by 19.2mil shares (from 5.0188% to 6.1055%) at average price of $0.882 in the past 1 month.
From a trading perspective, we take a contrarian view and advocate investors to accumulate the stock at current level, above $0.85.
