NatWest: Continuation of the rebound

NatWest, a banking group, announced that it swung to a 3Q profit after tax of 148 million pounds from a loss after tax of 209 million pounds in the prior-year period.

Stocks (1)

The banking group NatWest announced that it swung to a 3Q profit after tax of 148 million pounds from a loss after tax of 209 million pounds in the prior-year period, while net interest income dropped 4.0% on year to 1.93 billion pounds. Impairment losses narrowed to 254 million pounds from 2.06 billion pounds in the prior quarter. The bank said: "We believe the full year impairment charge is likely to be at the lower end of the £3.5-4.5 billion range following the limited level of defaults across lending portfolios and associated ECL stage migration within the third quarter."

From a chartist’s point of view, the stock price is posting a short term rebound. The 20/50DMAs have validated a bullish cross. The daily RSI (14) is holding above a former declining trend line and is not overbought. Readers may want to consider the potential for opening Long positions above the key support at 100p, with 128.05p and 141.4p as targets. Alternatively, a push below 100p would reinstate a bearish bias with 90.55p as first alternative target.

Source: GAIN Capital, TradingView


More from Equities

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.