“I looked at ANZ last week,” Michael said, “and noted that it was getting ready to make a move higher again.
“The performance of the banks has defied analysts’ predictions this year and their share prices look set to surprise to the upside yet again.
“NAB is also a bank whose price action is looking very positive here.
“NAB rallied strongly at the start of the year, peaking in March.
“Since then, the shares have failed to head higher.
“However, price action still looks positive because instead of selling down sharply, the shares have merely traded sideways to consolidate the move.
“The range is tightening up as it prepares for the next rally higher.
“A break above $35 is the next buy signal.
“We would then be targeting the 2015 peaks near $38,” Michael said.
NAB

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