Northern Data Technical Analysis
Konstantin Kaiser | Jan 20, 2021 11:01PM ET
Northern Data (F:NB2) (DE:NB2) was selected as one of the top picks of Hauck & Aufhaeuser Investment Bank, and with a surge of close to 150% in less than three months, it’s obvious why. Let’s take a look at the current outlook of NB2 from a technical standpoint.
Northern Data is in an everlasting bull trend since it formed its all-time-low at 9.8 in September 2019. In fact, Northern surged 935% since then, all the way up to 101.6 where it established an all-time-high. With that, it missed the important Fibonacci resistance at 108 only by a few dollars, and Northern Data should soon be able to reach that important level.
Only in the short-term, Northern Data could face a correction towards the important Fibonacci support levels. With a closer look at the daily chart, it becomes apparent that the MACD is about to cross bearishly, while the histogram is ticking lower. With the MACD giving us a bearish signal, the NB2 stock could decline towards the 0.382 Fib level at 78, or even to the golden pocket at around 63.
Apart from that, NB2 faces major support at 82.2 and 66.8, where the 50-day-ema acts as additional support.
The investment bank Hauck & Aufhaeuser has elaborated Northern Data’s projected performance as follows:
Get The News You Want
Read market moving news with a personalized feed of stocks you care about.Get The App“The ongoing ramp-up of the company’s computing cluster with sites in Norway, Canada, the Netherlands, Sweden, the USA, and Germany significantly increases visibility on the targeted stellar sales growth. With an anchor customer already signed, utilization should reach 100% by the end of Q2."
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.