ING ready for $6 or time for reversal? Welcome fellow tradingviewers,
This our second individual stock pick from 2020 and we have already been following it closely.
We have already opened up positions at the 50 weekly moving average and are now seeing some signals that could mean disaster for ING.
Today the Dutch bank ING announced that it will require everyone with more than 1 million on a account will need to pay -0.5% interest on that money. Following the Dutch bank ABN.
To let you guys in on our vision lets start analyzing:
Monthly :
- Huge bearish engulfing has closed this month which indicates more downside momentum.
- We tested the 100 MA on the monthly and rejected it indicating more downside momentum.
- We are on the verge of crossing bullish on the MACD indicating upside momentum.
- We tested and rejected the 0.382 Fib indicating more downside momentum.
- RSI neutral
Weekly :
- We rejected the 100 MA and it followed with 3 weeks of Bearish engulfing candles, indicating more downside momentum.
- We closed below the 50MA (confidence indicator) which indicates more downside momentum.
- MACD has just crossed Bearish indicating more downside momentum.
- RSI neutral
Daily :
- We have just rejected the 200 MA indicating more downside momentum.
- We have closed the daily candle as a Bearish engulfing candle indicating more downside momentum.
- MACD is negative, indicating more downside momentum.
- RSI is oversold indicating upside momentum.
In summary:
There are a lot of signals on why the price should go down. We can find more that for a bullish case therefore we are keeping our short open aiming at the 6 area.
In a week the earnings will come out. The earnings of other banks have stated various results where JPM did bad after great earning Deutsche bank did great with bad earnings.
Let's see where this is going the next few weeks will definitely be important!
This analyses is only showing you guys our vision on ING and should not be considered as financial advice. If you agree or find this analyses useful, don't forget to leave a Like !
If you have anything to say about this analyses you can do so in the comments below!
Kind regards,
Forallcrypto
