The banks have been smashed since the pandemic started but apparently one of them is preparing to fly higher. That is ASX:NAB bank, from the technical analysis it is showing a promising chart pattern.
From the chart, we can draw a cup and handle formation that has been forming for weeks. Besides the stock has crossed its 200MA after being glued to it for almost 2...
1 Month time frame: short
3 Month time frame: long
Justification: Support broken, downward trend imminent. Still undervalued in the scheme of the bull market we're experiencing on a global scale. Buy soon and hold for a long time is the move IMO
NAB - Price chart analysis
NAB shares pulled back in the last three sessions but bounced back at around 17.22 support. Its been fluctuating at 18.33 and 17.88 for the last couple days and I think it could head back up if it breaks and hold above 18.33
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...
Definitely don't trade this. RIP money. I'm just doing it on fake markets to learn. None of this has any sound reasoning or logic, I just think it's fun.
#NAB has been making lower highs since its peak in 2015. Since then SP has been fallen each of the last 4 times when approaching the upper trend line. A break of the trend line with strong volume could see a bullish run to 30, 34 and 37.
NAB, further to my previous post providing a short term view on price action and identifying a channel and a base line,
Can the base line identified form a long term base position for the next 6 years as has occurred twice in the past since 2009?
NAB is still stuck in it's channel.
This is what we know
- bond rates continue to fall overseas and locally
- RBA rate cuts continue, margins further squeezed
- AUS house prices appreciate albeit low volumes (as a result, lower total transactions)
- economy seems to be doing better
So we're at a pinch point. nothing decisive in the macro.
however, NAB's...
NAB had a massive dip to the down side forming a new month low, looks good for a buy to the upside and it has formed a bullish doji on support as well. Looking to counter trend trade on this stock.
Similar to $CBA, $NAB and the other big banks are looking a bit sick. SP just inside the trend line on the weekly but need to assess on a week to week basis.
Having formed the inverted H & S pattern NAB is consolidating the breakout and has the potential to move higher. WBC and NAB could easily share the same chart as the price action is virtually identical. An inverted H & S pattern is not very reliable and this is not investment/financial advice.
