I like ING a lot because of how good it is looking. the company has good fundamentals, overall opinion of Europe and other fundamentals scared investors but european banks where punished hard this year. And ING is rebounding nicely.
ING is projected to hit 10% ROE and therefore projections for ING were recently upgraded to €14-14,50 by several rating agencies/banks.
It's currently in an uptrend with fundamentals looking decent (RSI strong, MACD not too high).
On medium term (daily chart) RSI is low to medium and the MACD is about to cross into an uptrend.
I have opened a 17/5 11C position.
The 3rd trade in the challenge is the INGA short. Recent press surrounding a money laundering investigation headed by the Dutch authorities, coupled with a weak trend, make ING Bank a perfect candidate for a short position. As previously stated i do not take a physical short, I use put options to gain exposure to the downside. With almost 40% of my £800 capital...
Price has found support on Warningline of TrendChannel up.
Will it hold again and push to:
- € 15,50 (target 1 for long)
- € 17,50 - 18,00 (target 2 for long)
or will it fail on retest and fall to:
-€ 11,50-12,00 (target for short)
After a strong run up from the Brexit Low in the banking stocks, ING seems to lose momentum for extra buying power. However a correction may scare out a lot bulls, it will set in the last wave leg up on the weekly timeframe.
As investors are following the information servive from TradingEcology it would be a sure thing to close out all long in the zone 15.17 -...