Technical Update - ING Group in a falling trend bouncing from key support. Will the support hold?
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
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.
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