“Despite lockdowns in NSW and Victoria, major bank share prices have held up well,” Michael said.
“With CBA having gone ex-dividend in August, focus is now on the other big banks and their dividend in two months’ time.
“The question is whether their share prices can run up into that dividend or not. On current trends, it looks like they can.
“The NAB chart is one that caught my attention recently because of the bullish set-up.
“We can see that since mid-August it had been consolidating under the May peak in a narrow range (circled). It was therefore just a matter of time until it broke higher.
“We saw that break happen on Wednesday last week and NAB has been trading strongly since then.
“We are therefore confident that the share price will continue to rally here for the next several weeks and those looking to buy NAB now have a buying opportunity,” Michael concluded.
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