A high flyer of the last few months landed quite roughly with the Northern Data share. Publicly expressed doubts about the business model of the data center operator caused the share price to collapse from EUR 82.40 to EUR 39.00. Since mid-July, Northern Data’s share price has not only stabilized, but has also regained the first lost ground. Yesterday, the IT stock reached a new high of this price recovery at 55.20 euros, while it left XETRA trading at 54.40 euros (+3.03 percent). Current indications on Thursday morning at 53.60 / 54.80 euros confirm the price level.
In terms of charting, this is an important phase for Northern Data shares. Several resistance zones must be overcome in a stable (!) Manner. The cluster stretches above 51.60 / 52.20 euros – the mark has already been passed and confirmed yesterday as a potential support zone with a daily low of 52.20 euros. At the same time, the department urges caution: A rebreak below this could destroy the trend reversal fantasy that has arisen in the Northern Data share.
Especially since there are still strong technical hurdles to be overcome. It is not yet certain whether the share price of the former Northern Bitcoin will be able to maintain above the previous recovery high of 53.80 euros. If this succeeds, the 50-day line comes into play at 55.60 euros, at which the upward movement came to an end yesterday. At 57.00 / 58.00 euros, further technical chart hurdles would then have to be overcome by Northern Data’s share price. Chart technical trend reversal opportunities have arisen with the recent development of the paper without a doubt. In order to use them, further technical buy signals are required.