Naked Brand Group Ltd (NASDAQ:NAKD) is among the Reddit meme stocks seeing renewed interest. Thus, it could be worth looking at. The stock appears to have established solid support at the $0.5 range. Despite the stock trying to move up in the last few weeks, it has met considerable resistance on each occasion.
NAKD’s last Reddit motivated rally was in June bring the stock to highs of $1 in days. It is vital to note that trading on speculative small-cap plays such as Naked Brands has its own rewards since there is growing enthusiasm for the stock in social forums. Therefore, this forms an accumulation base for this stock to go up.
It is possible that the market could witness another meme craze for AMAC Entertainment (NYSE: AMC) and GameStop (NYSE: GME). Therefore, if this happens, that tide could once again sweep NAKD up. Additionally, there are some critical developments expected from the company that could serve as a catalyst. So NAKD is worth watching in the coming weeks.
Market Reaction:
On Thursday, NAKD stock fell 0.68% at $0.5945 with more than 25.45 million shares, compared to its average volume of 33.72 million shares. The stock has moved within a range of $0.5810 – 0.6300 after opening the trade at $0.6072.
