ASX:NAB has rocked this week. Is this due to some unknown fundamentals or does Technical Analysis has an answer to this? Lets analyze.
ASX:NAB has zoomed high this week And in terms of confluence we can say that other big 4 also zoomed high but for NAB i think the answer was hidden somewhere in the TA on the charts.
After ASX:NAB broke the 50MA which is inherently bullish it jumped more than 10%. On the chart you can see that the stock price was above 25LSMA and the daily velocity is positive and RSI was neutral. The only concern i have is that weekly velocity is not positive yet but it will turn positive when the price goes above 18$ again.
When it comes to opening a position, my plan was to buy when it went above the 23.6fib but I missed it out and now I am waiting for a retest of the same fib level then can think of opening a small position that will be scaled out when this stock closes above 0.382 fib.
I will keep you posted if anything changes for this stock.
Stay safe and DYOR.
ASX:NAB has zoomed high this week And in terms of confluence we can say that other big 4 also zoomed high but for NAB i think the answer was hidden somewhere in the TA on the charts.
After ASX:NAB broke the 50MA which is inherently bullish it jumped more than 10%. On the chart you can see that the stock price was above 25LSMA and the daily velocity is positive and RSI was neutral. The only concern i have is that weekly velocity is not positive yet but it will turn positive when the price goes above 18$ again.
When it comes to opening a position, my plan was to buy when it went above the 23.6fib but I missed it out and now I am waiting for a retest of the same fib level then can think of opening a small position that will be scaled out when this stock closes above 0.382 fib.
I will keep you posted if anything changes for this stock.
Stay safe and DYOR.