Long Position on NE @ $31.75 on 5/23/2022 (Momentum)

Noble Corporation (NE), together with its subsidiaries, operates as an offshore drilling contractor for the oil and gas industry worldwide. 

The company provides contract drilling services to the oil and gas industry through its fleet of mobile offshore drilling units.

As of February 16, 2022, it operated a fleet of 20 offshore drilling units, which included 12 floaters and 8 jackups. 

On May 2nd, it reported a Quarter March 2022 loss of $0.12 per share on revenue of $210.2 million. That was better than market's expectations. 

Shares are heading higher in an upward trading channel. They are presently at the lower boundary of the channel. Prices on Friday claimed their 50-day moving average. We expect shares to move higher.

Entry Point: $31.75

Stop Loss: $30.00

Trading Range: $20.34 - $36.79

Target Price: $35.00

Position closed on 5/26/2022 at price of $36.54 with a 15.09% gain in 3 days.

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