Banco Macro SA

BMA remains in Stage 3 distribution with price capped by declining EMAs and failing to form new highs. The medium-term bias is bearish, supported by distribution‐biased volume and lower-high/low structure. Short-term tracking below the 9/21 EMA resistance offers a favorable entry to sell into rallies, with no exhaustion evident. We will sell now on EMA rejections rather than chase lower prices.

• ↑Net income jumped 131% YoY to ARS139.8 B in Q1 2026.
• ↑Net interest income up 27% YoY to ARS975.2 B.
• ↓NPL ratio of 5.4% poses asset quality concerns.