NatWest shares: a 'nasty' near-term scenario
With a rally since November having paused, independent analyst Alistair Strang revisits this high street lender in search of catalysts for another move higher.
17th June 2024 07:37
by Alistair Strang from Trends and Targets
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When we previously reviewedNatWest Group (LSE:NWG), we cheerfully provided a reason for some optimism, giving share price closure above 315p as providing almost certain hope.
In the intervening period, the share has achieved this ambition on three occasions, utterly failing to do anything useful thereafter. Worse, it has created a fairly nasty near-term scenario where weakness below 300p risks promoting reversal to an initial 285p with our secondary, if broken, at 278p and hopefully a bounce.
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It is probably folly to pretend any optimism until after the general election on 4th July.
But we can point out movement above 320p now calculates with the potential of a lift to 338p next with our secondary, if exceeded, working out at 335p and almost certain hesitation.
For now, we’re not particularly confident of this.
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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