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 $1.19 and $1.205.
The MACD has formed a higher low and has once again ventured into positive territory. Momentum has once again turned positive, if only barely so. The MFI is set to form a higher high which suggests a return of demand. Being above the 50% line, we could see some support afforded by this line in case of a retracement in price.
For a longer term picture, look to the weekly chart for clues. The MACD has been rising since ......