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:
“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."