The Naga Group Price Analysis
Konstantin Kaiser | Dec 21, 2020 02:50AM ET
The NAGA Group (DE:N4G) stock is in good shape; trading volume at a record level in current Q4, a new record level of transactions in November, and NAGA Pay launched with transaction volumes in the millions.
The Naga Group Daily Chart
After establishing a high in June 2020, the Naga stock retraced down to the golden ratio which is located slightly above the 200-day-ema at roughly $2.25. After arriving there, Naga could find support at this significant Fibonacci level and bounce towards the golden ratio resistance at $3.6, where the Naga stock seems to face rejection for the moment.
The Naga Group Weekly Chart
The $3.60 mark acts as a significant resistance level, as the downward trendline crosses this price level. Once it is bullishly broken, the Naga stock could surge to its next resistance between $4.36 - $4.78.
The MACD indicator hints towards a potential continuation of the upward movement. Thus, the naga stock could surge to $4.36 - $4.78, and once this level is bullishly broken, Naga could even surge to its next Fibonacci resistance at $6.30.
If we assume an ongoing upward trend, the Naga stock finds its next significant resistances at the golden ratio at the $10 mark and at the $15.5 price level.
The Naga Group Monthly Chart
For now, the current development looks quite promising. Should Naga be able to break its current resistance at $3.6, it could surge to previous highs. In case of a sudden downturn, the Naga stock finds its next significant supports at the Fibonacci levels at roughly $2.5 and $2.15.
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