Possible reversal pattern spotted on NOL chart today.
1. Monday - A shooting star after a strong rally is not a good sign for bulls
2. Tuesday - First sign of bear taking control with a bearish engulfing spotted
3. Wednesday - A black candlestick with a lower close forming the Bearish Three Outside Down candlestick pattern
Counter is trading along the upper channel line (Resistance), meaning a short term bearish reversal could happen. Coupled with MACD indicating waning momentum and OBV losing strength, I think NOL will continue to be bearish for the next few days.
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