The Naga Group [N4G] Price Analysis
Konstantin Kaiser | Sep 16, 2020 10:23
The Naga Group Daily Chart
The Naga stock increased 870% within 150 days and peaked at $4,82. After that, the Naga stock corrected downwards and retraced to the golden ratio support at ±$2.00 where the 200-day-ema acts as additional support. If this support level successfully holds, the Naga stock price could surge towards the 0.382 fib level at the ±$3.00 mark. This implies an upward potential of 45 percent. Furthermore, if this level is also bullishly broken, Naga could rise to ±$3.65, where Naga finds significant resistance at the golden ratio level.
On the other hand, if the Naga (DE:N4G) stock falls below the 200-day-ema at $1.94, it could fall to $1.28, where it finds its next significant support level. This implies a downward potential of 35%.
Furthermore, the price movement of the Naga stock established a golden crossover in April, which acts as confirmation of the bullish trend. Thus, the trend remains bullish until the emas establish a death cross.
The Naga Group Weekly Chart
When looking at the weekly chart, there is a clear upward trend to be noticed. If Naga breaks the golden ratio resistance at ±$3.65, Naga could increase to its last local high, which was established at $4.82. This implies an upward potential of 122%. If that level is also bullishly broken, Naga could increase to ±$8.82, where it finds its next significant fibonacci resistance at the 0,382 fib level. This is more than four times of the current price level.
In the base scenario, Naga finds its next support levels at $1.28, $0.82 and $0.5. For now, Naga looks quite bullish though.
The Naga Group 4H Chart
Nevertheless, one should cautiously watch if the golden ratio holds successfully as support, as a death cross appeared already in the 4-hour chart. If the golden ratio is bearishly broken, the Naga stock will most likely fall down to $1.28.
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