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
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.
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