ING Group basic support increase expectation
According to the shown figure, I expect ING Groep N.V. stock to rise in the coming days. Keeping in mind most investors will use a support-resistance approach, I have conducted one myself. As shown, the channel between support and resistance lines has been relatively constant overtime, with enough hits or "approaches" to both lines, after which short-term reversal of the trend kicks in.
I also searched for a reason for the small breakout that happened before the stock of ING picked up the channel I have described. I conducted a simple trend analysis (red lines). What might have happened is that investors conducted such an analysis at the time, which would have resulted in a three point hit on the support trend. This would have given investors the confidence to engage in massive investments on the stock of ING, as a result of their plots being accurate.
Let me know what you think! I'll keep on posting ideas in the near future!
May the market favor you.
I also searched for a reason for the small breakout that happened before the stock of ING picked up the channel I have described. I conducted a simple trend analysis (red lines). What might have happened is that investors conducted such an analysis at the time, which would have resulted in a three point hit on the support trend. This would have given investors the confidence to engage in massive investments on the stock of ING, as a result of their plots being accurate.
Let me know what you think! I'll keep on posting ideas in the near future!
May the market favor you.
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