National Australia Bank Limited Stock Forecast

National Australia Bank Limited stock downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on May 10, 2024)

NAB.AX Signals & Forecast

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The National Australia Bank Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $34.11 and $34.10. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 06, 2024, and so far it has fallen -2.45%. Further fall is indicated until a new bottom pivot has been found. The stock had a Golden Star Signal on Friday, December 01, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for National Australia Bank Limited stock

National Australia Bank Limited finds support from accumulated volume at $33.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.430 between high and low, or 1.28%. For the last week the stock has had daily average volatility of 1.47%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (NAB.AX) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect National Australia Bank Limited to open at $33.83, and during the day (based on 14 day Average True Range), to move between $33.26 and $34.36, which gives a possible trading interval of +/-$0.553 (+/-1.64%) up or down from last closing price. If National Australia Bank Limited takes out the full calculated possible swing range there will be an estimated 3.27% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $33.84 (0.09%) than the support at $33.50 (0.92%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is National Australia Bank Limited stock A Buy?

National Australia Bank Limited holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.138 Sell Candidate Downgraded

Predicted Opening Price for National Australia Bank Limited of Monday, May 13, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.