Technical Update - ING Group & BNP Paribas set to resume down trend Technical Update - ING Group & BNP Paribas set to resume down trend Technical Update - ING Group & BNP Paribas set to resume down trend

Technical Update - ING Group & BNP Paribas set to resume down trend

Equities 2 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

ING Group is short-term under pressure despite positive Earnings surprise this morning.
ING is likely to be rejected at the falling trendline on daily chart just below the upper part of the Ichimoku Cloud at 11.57.

RSI is showing negative sentiment and needs to close above 60 to reverse that.
Share price is below 55 and 100 daily Moving Averages which are declining. Bottom line short-term picture for ING is bearish with support at around 10.06 but could drop as low as to 8.46.
If ING breaks below last week’s low at 10.72 the down trend has been confirmed.

For this bearish picture to reverse a close above 12.27 it needed. A close above falling trendline could is first indication that a reversal scenario could play out. However, 12.27 is a strong resistance level.

Medium-term ING is still above the Cloud and RSI is showing positive sentiment. But if the above mentioned likely bearish scenario plays and ING closes below EUR10 a sell-off down to around 8.46 is in the cards. First indication of that scenario to play out would be a close below 11.57

Source all charts and data: Saxo Group

BNP Paribas is back below 55 Moving Average after being rejected at the 100 Moving Average. RSI is showing negative sentiment being rejected at 60 threshold.
BNP seems likely to resume downtrend. If closing below 55.55 it is confirmed. A close below 55.55 is likely to push RSI back below 40 threshold further confirming the bearish outlook.
200 daily Moving Average and the lower part of the Ichimoku Cloud will offer some support.

To reverse this bearish picture a close above 60.25 is needed. If that scenario plays out, which doesn’t seem very likely, BNP could push back to around 65-67

Medium-term RSI is still in positive sentiment but failed to close back above 60 threshold on the weekly chart.
IF BNP closes a day below 55.55 there is no support until around 47 and 41.58.


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (
Full disclaimer (
Full disclaimer (

Saxo Bank (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law.

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.