Technical outlook – Noni B Limited (NBL) appears to have hit many ‘bumps’ in the road since rebounding from the region of $2.35 in August. Although we view this stock as a potential buy, there still appears to be further leverage to the downside, before the initial call to this bearish pattern.
The leading indicators Moving Average Convergence Divergence (MACD) and the 3-day Relative Strength Index (RSI) lookback are currently breaking down and therefore suggests this negative pattern may strengthen in the short-term.
The immediate target is located at $2.43 before any initial demand (buying) interest should appeal to the bullish investors.
Company Overview – Noni B Limited (NBL) is a fashion retailer of women’s apparel and accessories focusing on 40+ women in Australia. NBL has Noni B 228 stores, Rockmans has 283 Stores; also w Lane has 78 stores, and Beme has 25 stores Nationwide and online at www.nonib.com.au. NBL consists of 2 fashion labels, namely, Noni B and Liz Jordan. NLB also offers stylish, contemporary clothes for all occasions.