Technical Update - ING Group in a falling trend bouncing from key support. Will the support hold?
Kim Cramer Larsson
Technical Analyst, Saxo Bank
ING Group is trading in a falling channel bouncing from support at around 8.57. The coming days or week could be make or break for ING. A close below last week’s low at 8.46 could fuel a sell off down to next support at around 8.00. See weekly chart
Longer term, if €8 is taken out ING Group drop even further to support at around 7.28. Possibly lower to 0.764 retracement at 6.53
For Ing to reverse the current down trend a close above the upper falling tend line in the falling channel is a minimum requirement. However, the 55 SMA (Simple Moving Average) seems to offer resistance i.e. a close above 8.62 could be required to reverse the trend. If that scenario unfolds ING could bounce to around 10-10.50.
Latest Market Insights
Quarterly Outlook Q3 2022: The Runaway Train
- Central banks' attempts to kill inflation is a paradigm shift, which could end in a deep recession.
Tangible assets and profitable growth are the winnersWith US equities officially in a bear market, the big question is where and when is the bottom in the current drawdown?
Understanding the lack of investment appetite among oil majorsThe everything rally seen in recent quarters has become more uneven, as its strength is driven by commodities in short supply.
The pressure is on as the wind leaves the sailsWith cryptocurrencies in sharp decline, are we entering a crypto winter or is the bear market a healthy clean-up of the crypto space?
Why the Fed can never catch up and what turns the US dollar lower?Many other central banks are set to eventually outpace the Fed in hiking rates, taking their real interest rates to levels higher than the Fed will achieve.
Bank of Japan: Swimming against the tideThe Japanese economy has gone from the age of deflation to rapidly rising prices in no time, leaving the Bank of Japan in a pickle.
Green transformation detour and bear market hibernationWith the impending risk of global econonomic derailment, we share the five things investors need to consider in this new half year.
Crisis redux for the eurozone?Whether there's going to be a recession in Europe or not, the path towards a stable economy will be agonizing.
Technical Outlook: Gold, Oil and a remarkable multi-decade perspective on EquitiesThe Nasdaq bubble pattern, USDJPY resistance, crude oil uptrend losing steam and the technical outlook for USD.
China: the train of new development paradigm left the station two years agoChina is transiting to a new development paradigm, as they are hit by deteriorating terms of trade, a slower global economy and an uncertain future while continuing attempts to contain the pandemic.