Strong day for Naked Brand Group Inc. stock price on Wednesday rising 10.45% to $0.69StockInvest.us, 3 weeks ago
The Naked Brand Group Inc. stock price gained 10.45% on the last trading day (Wednesday, 25th Aug 2021), rising from $0.63 to $0.69. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 6.45% from a day low at $0.66 to a day high of $0.70. The price has fallen in 6 of the last 10 days, but is still up by 27.6% over the past 2 weeks. Volume fell on the last day by -29 million shares and in total, 99 million shares were bought and sold for approximately $68.00 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $0.63, a level that may pose a second chance to hit a runner. According to fan-theory $0.85 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Mostly positive signals in the chart today. The Naked Brand Group Inc. stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.56 and $0.55. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, July 19, 2021, and so far it has risen 37.51%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
On the downside, the stock finds support just below today's level from accumulated volume at $0.63 and $0.62.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Naked Brand Group Inc. finds support just below today's level at $0.63. If this is broken, then the next support from accumulated volume will be at $0.62 and $0.60.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0423 between high and low, or 6.45%. For the last week, the stock has had a daily average volatility of 8.97%.
Naked Brand Group Inc. holds several positive signals and the break up from the falling trend indicates a possible shift of trend as well. The trend doesn't have to go from falling to rising, it may as well go horizontal or even just decrease the earlier fall rate, but we find the risk-reward to be attractive and expect the stock to perform very well in the short term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.Check full Naked Brand Group Inc. forecast and analysis here.