Stock of the day: ING

Indices had a nice session yesterday when they decided to bounce rapidly off the new long-term lows. Thursday hasn’t been so great though, at least not for the first half of the European session. With this in mind, we should not be surprised that most stocks are falling and that today’s occasion is bearish.

Our today’s hero is ING, which has been moving inside of the sideways trend since March and this sideways trend may just be coming to an end. Since March, ING has been locked between 8,5 and 10 EUR levels. In May and June, the price jumped above the (grey) resistance but it was just temporary, in general, 10 EUR held strong (arrows).

Today, the price is testing the 8,5 EUR support (orange) and it looks like the selling pressure is high. We don’t have a proper breakout here yet but the price closing a day below the orange line would definitely be a strong sell signal.

On the other hand, the price creating a bounce off the orange area would be an interesting signal to buy. However, chances for that now are rather limited.