Technical Analyst, Saxo Bank Group
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
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.
A new fragmented world order can render some of today's infrastructure obselete, but it also calls for massive new investments across the globe, which requires a new set of strategic and tactical investment strategies.
Steen Jakobsen,
Chief Investment Officer
As globalisation turns to fragmentation, China seems set on playing a role in the global economy, while simultaneously working towards proofing its own economic situation from external shocks and crises.
Redmond Wong,
Market Strategist
The recent bank runs and ensuing challenges are reminicent of something we've seen before. Will it end like the S&L crises of 1986 and 1995?
Chris Dembik,
Head of Macroeconomic Research
Equity markets need to recalibrate to another - fragmented - global world. What's your view on equities in this market - are they going up or down?
Peter Garnry,
Head of Equity Strategy
With every development comes new opportunites, some of which could be in India. Have you considered the country as a part of your diversification strategy?
Charu Chanana,
Market Strategist
A collar is an option strategy that allows some protection while maintaining some upside potential. What investment would you like to use a collar strategy for?
Hans Oudshoorn,
Trainer Academy
There are arguments to be made for many commodities to have upside. Which are you paying the most attention to this quarter?
Ole S. Hansen,
Head of Commodity Strategy
In a very challenging macro environment, which currencies do you think will come out on top?
John J. Hardy,
Head of FX Strategy
Disclaimer
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 (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)