National Australia Bank has formed a clear downward sloping channel now and could well test the upside again in the next week or two. Should it fail at this line again we could well see a retest of the lower boundary in the 18-20 range. Watch for a clear breakout of this channel on the upside on increasing volume before considering NAB bullish. So far the upmoves have been on decreasing volume which isn't a positive sign.
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