National Australia Bank Limited Stock Forecast

Green day on Friday for National Australia Bank Limited
(Updated on May 03, 2024)

NABZY Signals & Forecast

Mostly positive signals in the chart today. The National Australia Bank Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $11.06 and $11.14. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 6.70%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). National Australia Bank Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. The stock had a Golden Star Signal on Friday, November 24, 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 $11.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.640 (5.87%) between high and low. For the last week, the stock has had daily average volatility of 5.87%.

Our recommended stop-loss: $10.84 (-4.80%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 13 days ago.)

Trading Expectations (NABZY) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect National Australia Bank Limited to open at $11.28, and during the day (based on 14 day Average True Range), to move between $10.81 and $11.96, which gives a possible trading interval of +/-$0.576 (+/-5.06%) 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 10.12% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $11.44 (0.48%) than the support at $11.00 (3.38%), 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?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for National Australia Bank Limited stock to perform well in the short-term.

Current score: 2.025 Buy Candidate Unchanged

Predicted Opening Price for National Australia Bank Limited of Monday, May 6, 2024

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