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Technical Update - ING Group testing key support. Down trend set to be extended
Kim Cramer Larsson
Technical Analyst, Saxo Bank
ING Bank down trend is continuing testing lower falling trend line in the falling channel like pattern and support at around 11.50.
All Moving Averages are declining with the short and medium ones are crossing over the medium and longer ones illustrating underlying bearish trend and sentiment.
Combined with RSI showing negative sentiment all indicators are pointing to likely lower ING price levels.
Adding to that bearish picture is the selling pressure as illustrated by the trade volume. Down days have much higher traded volume than up days.
Medium-term the weekly is showing how important the 11.50 support is. A close below will most likely result in RSI closing below 40 i.e., negative sentiment.
A close below 10.72 a sell-off down to around 10€ would be in the cards.
To reverse this bearish trend a close above 12.95 is needed.