Over the last few months, NOL prices has formed a symmetrical triangle. A symmetrical triangle is a continuation pattern and represents a continuation of trend, and if this is the case, for NOL it will be a continuation of its long term uptrend. Symmetrical triangles do on occasions also do results in a reversal as price actually breaks below this triangle. Any close above 2.10 over a maybe say 3 day period could very likely translate into a bullish outbreak for NOL.
The second scenario would be a break below the symmetrical triangle, below 1.87, representing a bearish outbreak. Do take note that on August 2, NOL 2nd quarter results will be out.
It will be interesting to note that similar shipping counters like Yangzijiang and Cosco have been rising since last week, outperforming NOL.
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