Looks like the price is going down to our trend line. From here we could go back up to the 618 fib level. It is taking a long time to finish the waves but its stable and easy to invest.
Following weekly chart
There is a clear cup & handle formation.
I mostly follow handle target, so
TP 25.17
SL 9.16 - I know it's too far away but technically this is what it is.
ABN Amro Bank - 30d expiry - We look to Buy a break of 9.63 (stop at 9.29)
Prices have reacted from 8.69.
Posted a Double Bottom formation.
Short term momentum is bullish.
There is no clear indication that the upward move is coming to an end.
A break of the recent high at 9.62 should result in a further move higher.
Our profit targets will be 10.44 and...
We made the run on the vaccination news in november and closed our position at the top. Then we went short. Last week closed shorts and are in cash.
Why?
We are at a crossroads. We do not know what effect the dividents news will have on the bank stocks, and same goes for the increased ECB support/lending. So it was safer to wait and see. We did not see much...
ABN is stalling, volume decreasing, little buyers at the top of this rally. We have been pulling back for 2 days and did not make a new pre-march high.
Take note that we pulled back exactly from the purple/pink top trendline.
We did not break top resistance and will retest bottom support first around 8.840 then possibly 8.650.
Looks like a buy the dip, weekly...
EURONEXT:ABN
We completed a very nice 2 day bull run yesterday based on the Pfizer vaccin news. Such volatile runs based on short term news are often short lived as fundamentals regarding covid have not really changed and true industry rotation is far away. After two straight days of gains I sold yesterday afternoon.
This morning I shorted ABN to 8.3, now...
