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Update The stock remains a laggard despite its 'peers' Olam and Wilmar's rebound On a risk rewards basis, support for the stock remains at the region of S$1.05-1.08. We think it would be a better opportunity as compared to Olam and Wilmar. Our view remains the same largely as mentioned yesterday (see email below). To: Date: 06/19/2012 04:02 PM Subject: Noble Group - A break above S$1.18 points to the next resistance level at S$1.24 Sent by: Wiwit Soewono Noble - A break above S$1.18 points to the next resistance level at S$1.24 Reference to recent note for Noble Group in our retail market monitor: support and resistance watch on 15 June 2012 technical buy on 11 June 2012 technical buy on 6 June 2012 Based on the support and resistance levels featured on 15 June 2012. a break above S$1.18 is likely to test the next resistance level at S$1.24 (S$1.24 supercedes the previous technical target price) At the time of writing, the stock is a top volume counter with about 30m shares traded. The stock is currently hovering above its 20 days moving average and a 'golden cross' in its short term moving averages suggesting a change in the trading direction. Vis-a-vis Olam - which has broke above its 'inverse H&S' neckline, Noble could be seen as a laggard play. Key support is at the S$1.05-1.08 region. at the time of writing noble last traded at S$1.17. Retail Market Monitor - 11 June 2012 Noble Group (NOBL SP, N21) - Technical BUY with +9.6% potential return Last price: S$1.095 Resistance: S$1.20 Support: S$1.05 Maintain BUY with a target price of S$1.20. The stock is forming an interim bottom as prices could be consolidating between S$1.05 and S$1.14 after breaking out of the downtrend resistance trend line. A break above S$1.14 points to a possible resistance level at S$1.20. Technical indicators are largely trending up, as seen at its MACD, Stochastics and CCI indicators. Stops could be placed at below S$1.00 which could be a last line of defence for the bulls. Our institutional research has a fundamental BUY with a target price of S$1.80. Retail Market Monitor - 6 June 2012 Noble Group (NOBL SP, N21) - Technical BUY with +10% potential return Last price: S$1.09 Resistance: S$1.20, S$1.28 Support: S$1.05 The stock is currently forming an interim bottom at S$1.05 as prices have rebounded thrice from this level. The stock has also moved above its short-term moving averages, along with the MACD trending up after forming a bullish crossover. Stops could be placed at below S$1.00. BUY with a view that prices to move towards S$1.20 and S$1.28. Our institutional research has a fundamental BUY with a target price of S$1.80.
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