National Bank of Canada set sink further

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The decline of National Bank of Canada             stocks accelerated within the formation of a diamond pattern. The zone of a left elbow gap (52.60 – 52.00) was left behind, also with a gap, which raises the likelihood that the stock is rapidly approaching the boundary of the pattern around USD 50.00 per share.

The additional support level for the stock in this area is another unclosed gap from August 27, 2014. Heavy trading volumes, when the USD 52 mark was passed, confirms an accelerating downturn. It makes sense to launch short positions at the current price, with a target price of USD 50 within a couple of weeks.

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