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National Australia Bank (NAB) $33.50

NAB fell 2.8% on Thursday, better than Westpac & ANZ’s 3.8% decline but still enough to have a meaningful impact on the index, accounting for 10-points of the ASX200’s decline. We have looked at NAB again today because, in our opinion, it has one of the clearest charts in the pack. As we’ve been alluding to for weeks, MM believes NAB will retrace under $33 before resuming its bullish trend, i.e. some healthy consolidation.

  • Similar to CBA, we can see NAB rotating between $32.50 and $35 before again pushing higher – MM holds NAB in our Active Growth and Active Income portfolios.
MM remains long and bullish NAB
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National Australia Bank (NAB)
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