NAB advanced +1.1% on Thursday and, along with the other major banks, looks poised to rally further into Christmas, buoyed by the dividends from ANZ, NAB. MQG and WBC later in December. We often say, “The market cannot go up without the banks,” after consolidating since late July, they look & feel ready to advance to a new level of equilibrium into Christmas – a great short-term backdrop for the ASX.
- We can see NAB around $30 into the New Year, its average price of the last two years.
MM is long and bullish NAB into Christmas
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