“Like the other major banks, NAB has had a strong run to start the year with the share price up around 10%,” Michael said.

“The last few weeks, however, have seen this momentum tail off and it’s now consolidating that move.

“Despite this, price action suggests to me that it’s getting ready for another move higher. “After peaking in early March, the shares pulled back for a few days before rising higher again.

“The last few weeks have seen it hold up at these levels to consolidate under the old high (see circled area of chart below).

“Because it’s doing this, and not pulling back further, it tells us that there’s still some very good buying support for the stock.

“All we need to see now is an upside break through $35.

“That would be the buy signal and should see NAB shares rally higher into the next dividend where it’s due to trade ex-dividend in early May,” Michael said.

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