NOAH 27.56 – bullish – 20/50 week moving averages underpin as support
NOAH rallied strongly from the 18.66 weekly low (August 31, 2015) to reach a new 3-month high at 28.91 (October 12, 2015). The indicators on the daily timeframe are neutral, hinting for further consolidation. The 25.60 area (October 12, 2015 weekly low) above the converging 20/50 week moving averages serves as the immediate support. A deeper pullback below the latter would risk 23.76 (October 5, 2015 weekly low) where buyers should step in. However, a push through 28.91 would accelerate the upleg towards 30.52 (June 29, 2015 weekly high, near 61.8% of the 37.96/18.66 fall) ahead of 33.43 (June 22, 2015 weekly high, near 76.4% of the 37.96/18.66 fall).
Outlook:
Daily: bullish
Weekly: bullish
NOAH rallied strongly from the 18.66 weekly low (August 31, 2015) to reach a new 3-month high at 28.91 (October 12, 2015). The indicators on the daily timeframe are neutral, hinting for further consolidation. The 25.60 area (October 12, 2015 weekly low) above the converging 20/50 week moving averages serves as the immediate support. A deeper pullback below the latter would risk 23.76 (October 5, 2015 weekly low) where buyers should step in. However, a push through 28.91 would accelerate the upleg towards 30.52 (June 29, 2015 weekly high, near 61.8% of the 37.96/18.66 fall) ahead of 33.43 (June 22, 2015 weekly high, near 76.4% of the 37.96/18.66 fall).
Outlook:
Daily: bullish
Weekly: bullish
