Naked Brand Group LTD. (NASDAQ: NAKD) rose Friday, likely after shareholders voted to approve the proposed transaction to divest the Bendon branded brick and mortar business. Another recent development by the company is the appointment of a new Chief Financial Officer, Mark Ziirsen, effective April 19, 2021. Daily Chart Analysis for Naked Brand Naked Brand stock appears to be testing a key level at which it was previously considered resistance. The stock has hit higher lows in the past six months. The stock is trading below the 50-day moving average (green) and above the 200-day moving average (blue), indicating that the stock is most likely facing a period of consolidation. The 50-day moving average can be considered a place of resistance on the chart and the 200-day moving average is a potential area of support. Key Levels To Watch For In May 2020, the stock held the $ 0.60 level as support. Later in the year the stock broke below these levels and tested its resilience a number of times. There was a breakout above this level in late January 2021 before the stock finally fell back below. The stock is now trying to test that level again and consolidation above that level could cause this stock to move higher. The stock started trading at higher lows in November 2020 and can be seen in the trend line in the graph above. What’s next? Bullish technical traders want the stock to break above the resistance level and consolidate. Consolidation above the $ 0.60 level could cause the stock to break out. Bearish technical traders want the stock to dip below the $ 0.60 level. If the stock is able to break below the trendline, further downside pressure could come. Naked Brand had traded over 50 million shares on Friday, especially a large amount of activity. Some other penny stocks that traded at this volume on Friday include: Sundial Growers Inc. (NASDAQ: SNDL), Sypris Solutions Inc. (NASDAQ: SYPR), Castor Maritime Inc. (NASDAQ: CTRM), and Jaguar Health Inc. (NASDAQ: JAGX). Image by Makingmilly from Pixabay. For more information on Benzinga, click here for Benzinga’s option trades Why does it look like this tech stock is breaking out of 2 semiconductor stocks hanging near support levels © 2021 Benzinga.com. Benzinga does not offer investment advice. All rights reserved.