National Australia Bank Limited Stock Forecast

National Australia Bank Limited stock upgraded to Buy Candidate.
(Updated on May 24, 2024)

NABZY Signals & Forecast

A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -3.25%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not. Some positive signals were issued as well, and these may have some influence on the near short-term development. The National Australia Bank Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $11.44. On a fall, the stock will find some support from the long-term average at approximately $11.20. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 $11.16 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 controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved $0.790 between high and low, or 7.29%. For the last week the stock has had daily average volatility of 5.95%.

Our recommended stop-loss: $10.85 (-4.16%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 28 days ago.)

Trading Expectations (NABZY) For The Upcoming Trading Day Of Tuesday 28th

For the upcoming trading day on Tuesday, 28th we expect National Australia Bank Limited to open at $11.26, and during the day (based on 14 day Average True Range), to move between $10.72 and $11.92, which gives a possible trading interval of +/-$0.600 (+/-5.30%) 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 10.61% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $11.38 (0.53%) than the support at $11.16 (1.41%), 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 of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.

Current score: 2.054 Buy Candidate Upgraded

Predicted Opening Price for National Australia Bank Limited of Tuesday, May 28, 2024

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