Our ALGO engine triggered a sell signal for NAB into yesterday’s ASX close at $30.40.
This “lower high” pattern is relative to the November 8th high of $31.85.
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NAB posted an 18-month low of $28.05 on February 8th. The banking sector, in general, has had a respectable recovery over the last three weeks.
However, the internal momentum indicators now suggest that the local banking names will trade lower over the near-term, taking out the February lows.
NAB
