ING closes higher for the 6th day in a row


ING Group N.V. (ING) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

ING closes higher for the 6th day in a row
ING runs into sellers again around 6.59
ING closes within previous day's range after lackluster session

Overview

Moving higher for the 6th day in a row, ING ended Thursday at 6.51 gaining $0.13 (2.04%), notably underperforming the S&P 500 (6.24%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (ING as at Mar 26, 2020):

Daily technical analysis candlestick chart for ING Group N.V. (ING) as at Mar 26, 2020

Thursday's trading range has been $0.30 (4.74%), that's below the last trading month's daily average range of $0.43. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ING.

Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on March 19th, ING gained 4.78% on the following trading day.

After having been unable to move above 6.56 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 6.59.

Although ING Group is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for ING Group. Out of 91 times, ING closed higher 52.75% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.14% with an average market move of -0.09%.


Market Conditions for ING as at Mar 26, 2020

Loading Market Conditions for ING (ING Group N.V.)...
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ING ends the day indecisive

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