Short, target 15.875Following daily chart and got a short signal from my screener.
TP1 15875
TP2 15545
SL Stop above 16300 candle close.
ABN
ABN continues to rise after a double bottom.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 10.84
Resistance: 9.60 / 9.80 / 10.20
Support: 9.40 / 9.20 / 9.00
Disclaimer – Saxo Bank Group.
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ABN - Dutch Bank - outlookWe 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 action from the news (no major movement). ABN tried now several days to break out of the red channel, but failed and kept re-testing support.
It is a critical moment for the banks. With major lockdowns ongoing and the realisation that vaccine rollout will take time, there is not that much to look forward to in the banking sector. We might see a wave of foreclosures of small businesses due to extended lockdowns of restaurants, cafe's, and non-essential stores (clothing etc.), and we still have tourism industry and airports that are bleeding. Big brands will still find traffic to their webstores, but small businesses will struggle.
On the upside, the european economy is robust and several sectors are overperforming (IT, ecomomerce, semi-conductors, metal, to name a few).
Will the critical resistance at 7.918 hold? or are we testing lower? Let's simply wait and see. There is no major play to be made here until we can get a confirmation if the red channel will be broken, or continue downward. Shorting here based on the stochastics indicator is an option, but I already took profit from my short from the top and as we reach bottom shorting becomes more and more risky as a move. Also there are other more interesting trades out there right now.
Stochastic indicators on the weekly and daily tell us we are poised for longer downward movement. However in this market we have seen some pretty unexpected volatitliy up and down, so keep a watch for a break in the pattern and re-adjust strategies based on that. See below charts:
Trade safe.
Remember, trade the chart, not the company!
Repeating pattern - #AbenResources @Aben_ABN $ABN #GoldTake a look at the pattern at Aben Resources.
It's always similar but to varying strengths.
In the Canadian taxloss season, the Canadians sell everything that is not nailed down and then buy it back in the new year.
If good drilling results have been presented, the share price has risen by 300, 500 or even over 600 percent.
If no noteworthy drilling results were presented, then it was "only" a good 100 percent.
I don't know if it will work again this year with CEO James Pettit, but it's good to know that it worked in the last years ;-)
Greetings from Hannover
Stefan Bode
Time For A Comeback? | ABN Amro LongEURONEXT: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% from it's peak.
On this weekly chart of ABN Amro, we can see a white line. That line is the 21 exponential moving average. This line has been support in the period of August 2016 all the way to the peak. After that, the 21 ema became resistance. Right now the price has already touched the line twice and it seems like it wants to break that line.
What we also notice is the high amount of volume which can be found at the bottom area. This implies that investors are willing to buy this stock at these levels. The next cluster of volume can be found all the way at €16,-. What this means is that as soon as the 21 ema breaks, the price can rise up very quickly because there hasn't been formed any resistance or support on the way down.
To summarize: We have a stock which has fallen 80% from its all time high, The VPVR suggests that buyers are willing to step in at this price, The 21 EMA is likely to be broken and lastly the next big resistance is all the way at €16,- which gives this trade a potential of 100%.
Watch out for outbreak ABNABN is in a descending wedge for quite some time now and with all the pump craziness there is a chance of breakout.
ABN AMRO BANK N.V. OversoldThe 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.
ABN short term green, returning to red in a weekIt'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, but looks bearish after.
Will be keeping and eye on it. If I see a clear rejection at either of these two levels, I'll trade on it.
