NOBLE GROUP: Whither its stock direction?

NOBLE montage9.15 The Noble Group stock chart looks interesting here, after its second attempt at testing the low of 0.435 late August.

The rebound for the stock looks good consolidating near the upper trend line of the descending channel.

If the stock is able to build and consolidate a base here, we may see an attempt of the next resistance at 0.63c.

Failure to break above this descending channel may see the stock pressured to retest its 0.435 cents low again.

Two opposing forces continue to exert authority on the stock's price.

NicholasTeo3.15 Nicholas TeoOn the downside, there is continuing skepticism over the firm's accounting practices and balance sheet concerns. This remain a key drag on the stock's performance.

The persisting levels of the company's CDS's (5-yr debt) at an elevated price highlights the anxiety of the company's creditors.

On the upside, however, the recent announcement by Olam on their stake sale to Mitsubishi Corp has put the spotlight on commodity plays and the possibility of M+As there.

With such a large degree of outstanding stock on loan to short borrowers, Noble's share price may enjoy a boost from any short squeeze that may occur as nervous 'shorts' pare their exposure.

Counter Name	Last	Change
AEM Holdings	2.490	0.120
Best World	2.460	-
Boustead Singapore	0.955	0.010
Broadway Ind	0.130	-0.003
China Aviation Oil (S)	0.920	-
China Sunsine	0.420	-
ComfortDelGro	1.500	0.020
Delfi Limited	0.895	-
Food Empire	1.300	0.040
Fortress Minerals	0.310	0.010
Geo Energy Res	0.310	0.005
Hong Leong Finance	2.530	0.030
Hongkong Land (USD)	3.110	-0.030
InnoTek	0.560	0.010
ISDN Holdings	0.305	-
ISOTeam	0.044	-
IX Biopharma	0.043	0.001
KSH Holdings	0.250	-
Leader Env	0.047	-
Ley Choon	0.044	-0.001
Marco Polo Marine	0.070	0.003
Mermaid Maritime	0.142	0.003
Nordic Group	0.310	0.005
Oxley Holdings	0.088	-
REX International	0.132	-0.001
Riverstone	0.820	0.025
Southern Alliance Mining	0.430	-
Straco Corp.	0.485	-
Sunpower Group	0.200	-0.010
The Trendlines	0.063	-0.004
Totm Technologies	0.021	-0.001
Uni-Asia Group	0.820	-
Wilmar Intl	3.340	-0.130
Yangzijiang Shipbldg	1.720	-0.020

Counter Name

Last

Change

AEM Holdings

2.490

0.120

Best World

2.460

Boustead Singapore

0.955

0.010

Broadway Ind