NAB At Pivot Point

This story features NATIONAL AUSTRALIA BANK LIMITED. For more info SHARE ANALYSIS: NAB

By Nick Linton-Ffrost

Pivot Point, National Australia Bank ((NAB))

Trading tactics

Short a move below 34.00 using a 34.50 stop and a 32.80 target.

Otherwise buy a break above 34.50 looking for a move to 36.00 placing stops at 34.00.

Rationale

Our bearish view is based on a simple five count assumption. The last few days trading around between 33.80 and 34.50 appears to have formed a fourth wave just under the trend line implying a move lower 32.80.

Our view is negated and turns into a buy with a break above 34.50.
 

 

Another trading idea from

Fifth Wave | fwtc.com.au                                               

FW generates over 150 Trading Alerts on the ASX100 each year. We are a subscription service specialising in short term technical strategies based on 27years experience.

 AFSL 319830 | Disclaimer

Reprinted with permission of the publisher. Content included in this article is not by association the view of FNArena (see our disclaimer).

Technical limitations

If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.

Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" – Warning this story contains unashamedly positive feedback on the service provided.

Click to view our Glossary of Financial Terms