The stock of Naked Brand Group Limited (NASDAQ:NAKD) is now priced at $0.26 and the shares are -0.01 points down or -3.7% lower compared to its previous closing price of $0.27. The stock had 3.293 million contracts set over the past session. NAKD shares’ daily volume is compared to its average trading volume at 10.249 million shares. However, it has a float of 7.12 million and although its performance was -8.8% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the NAKD share price recently placing at $0.253 to $0.27. However, some brokerage firms have priced the stock below the average.
The shorts are running away from the Naked Brand Group Limited stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the NAKD shares have declined. Short interest in the stock represents just 6.77% of its float, but the volume has dropped by -2078. The volume of shorted shares dropped to 481964 from 484042 shares over the last two weeks. The average intraday trading volume has been 3.708 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Naked Brand Group Limited (NASDAQ:NAKD) dropped by -$0.0251 over the week and lost -$0.176 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $6.96. The stock recorded its established 52-week high on 10/02/19.
Since 08/19/20, the stock has traded to a low of $0.2424 at 7.26%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Naked Brand Group Limited’s two-week RSI is 29.19. This suggests that the stock is overbought at the moment and that NAKD shares’ price movement remains not stable. The stochastic readings are equally revealing at 10.3% meaning the NAKD share price is currently in overbought territory.
The technical chart shows that the NAKD stock will likely settle at between $0.269 and $0.278 per share. However, if the stock dips below $0.252, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.244.
Currently, the stock is trading in the red of MACD, with a reading of -0.019. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.