Wednesday, December 7, 2011

NOL: Is the worst over?

Despite negative sentiments towards shipping companies, NOL's chart is showing signs of bottoming. If it has not bottomed, it has certainly found a floor and a rather strong one at that.



The long white candle formed today was on the back of relatively high volume. Fibo lines show that $1.175 is a rather strong resistance and if we could overcome this convincingly, next resistance levels are at