Noble Testing Major Support Confluence Zone

Falling lower and lower since 17 March 2010 peak. Gap down and more declines. Now testing critical support confluence zone consisting of the following supports :-

1. 100 EMA

2. Ichimoku Kumo Cloud

3. Lower boundary support of green channel

4. Orange support band

If this support confluence region is unable to halt further price decline the next probable supports are as follows :-

1. Green support belt

2. 145 EMA

3. Pink support zone

4. Trough at 2.64 which is the breakpoint reference for the double top pattern indicated by the grey oval shaded area on the chart. Support failure here confirms the double top formation.

However, if the testing of the current confluence support zone results in a rebound expect major resistance at the light blue gap region.