Over the last 3 days, NOL displayed 3 candlesticks that fulfill most of the criteria of a bullish deliberation candlestick pattern, except for one rule, that is such a pattern should appear after a downtrend. Though a bullish deliberation candlestick pattern is not necessary a bullish reversal pattern, it does indicate to some extent that the downward pressure on the price is weakening. Volume is still high, indicating selling pressure. Currently, price is at 150D MA, and it is fair the expect some consolidation around this price level to occur with declining volume.
Market risk these few days is high. STI looks to be going back to forming its full Head and Shoulders pattern with the past few days of consecutive decline, and quite a few of its component stocks does display signs of bearishness. Coming from US are repeated series of gloomy economic outlooks that put anxiety into market players. If there is no further signs of bulls presence, bears might just take over with the all the renewed uncertainties and concerns of a W-shaped recovery or even a L-shaped recovery or rather, stagnation.
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