EURONEXT:ABN has not been performing well since the peak of januari 2018. Since then it has steadily dropped from 28 euro's to 18. Where at first it looked like it has found its bottem there. However the price quickly broke support, made support new resistance and dropped 60% from there. After that 60% drop the stock has found its bottom around €5.70 which is 80%...
Amro Bank - Euro-next Amsterdam , has a good opportunity if it cross above 8.45. Let's see! :)
A lot of bad press around ABN + covid19 made people dump the stock massively in March and it has been undervalued ever since. It did not enjoy the steady recovery other stocks made after the march correction, making it a prime candidate for investment. This Dutch bank is very well funded and healthy, large dutch gov. share + oversight (25%+) in the bank also...
5 wave almost finished, ready for pullback
The coronavirus COVID-19 overreaction pushed stocks to their lows. Looking at the charts for ABN AMRO BANK N.V. we can say that this Dutch bank is heavily oversold.
We can expect to go up after reaching the 15.6 support level for the third time. Stop loss : 15.00
It's clear that ABN is in a somewhat broader downtrend in a descending wedge that will break eventually, but until then it will bounce within these lines. Two resistance levels are upcoming. A resistance line within the 20.95-21.05 range and the downtred upper line. RSI is also rising really quickly but with lower tops. Could well be green until monday 8-apr-19,...
With general market weakness and a rapidly detiorating banking sector, we are looking for good short-entries. ABNAMRO offers excellent risk/reward opportunities for the next 2-5 months. EURONEXT:ABN
ABN Amro is in an overall downtrend. On this pullback we already hit major resistance 3 times, and is about to reverse again. Wait for confirmation, with the stop loss and targets as shown. The first target is somewhat conservative, I expect it to go lower but it's already a pretty good risk/reward ratio.