Enter long here - ABN - Beginning of the third flagpole up!
I have been following this stock since the crash in march 2020. I always pay attention when Dutch bank stocks tank. Main reason is that Dutch are super conservative when it comes to banking (in comparison to USA especially) and regulate the sector well. This is the second biggest dutch bank and it's chart is very similar with the nr1 (ING) which I also have opened a position in.
As you can see in this chart the bounce off the last top level resistance confirms we are out of that channel and going for another bullrun. The third flagpole since march should start right here right now.
I believe the weak hands folded last friday and there is no selling power left. Onwards and upwards from here then! My projection shows a significant upside to be reached in 7-11 days give or take (timing is always hard).
I will keep following the developments of this stock and edit this post if we see major deviation from the current trajectory.
Why you cannot go wrong with this stock long term IMO:
-Well funded well capitalized bank
-Government has a strong position in the bank
-New CEO updated the strategy last month and it looks very promising
-More focus & less risk means this bank will see it's profits rise of the next months
-Q2 losses were about 40 million less than expected!!!!
-Q1 and Q2 all major losses were all booked and Q3 profits are expected again, it should be sunshine and rainbows from here on with the potential of some positive surprises along the way even!
As you can see in this chart the bounce off the last top level resistance confirms we are out of that channel and going for another bullrun. The third flagpole since march should start right here right now.
I believe the weak hands folded last friday and there is no selling power left. Onwards and upwards from here then! My projection shows a significant upside to be reached in 7-11 days give or take (timing is always hard).
I will keep following the developments of this stock and edit this post if we see major deviation from the current trajectory.
Why you cannot go wrong with this stock long term IMO:
-Well funded well capitalized bank
-Government has a strong position in the bank
-New CEO updated the strategy last month and it looks very promising
-More focus & less risk means this bank will see it's profits rise of the next months
-Q2 losses were about 40 million less than expected!!!!
-Q1 and Q2 all major losses were all booked and Q3 profits are expected again, it should be sunshine and rainbows from here on with the potential of some positive surprises along the way even!
Trade active:
We have been in a sideways session since the breakout. We can see the red flag forming here and we are looking for a break from the top of this triangle.
We have been in a sideways session since the breakout. We can see the red flag forming here and we are looking for a break from the top of this triangle.
Trade active:
No unexpected moves today, I expect this to break upward in the next few days.
No unexpected moves today, I expect this to break upward in the next few days.
Comment:
There was a complete breakdown of my previous scenario. I can get into the details of why, but it is not important why. This is a solid stock, the breakdown of the bullish scenario last week was actually a great opportunity to accumulate more of the stock at very high discounts. Since we bottomed out last week it has been going up very steadily. Soon approaching the first major resistance level.
There was a complete breakdown of my previous scenario. I can get into the details of why, but it is not important why. This is a solid stock, the breakdown of the bullish scenario last week was actually a great opportunity to accumulate more of the stock at very high discounts. Since we bottomed out last week it has been going up very steadily. Soon approaching the first major resistance level.
Trade active:
Very strong day for both ING and ABN while AEX was overall down. At this speed we will quickly reach our first resistance zone and there we will have to test and see if we can get enough volume to push this higher.
Again a good example why you should never panic sell because a lot can happen in just a few days.
Very strong day for both ING and ABN while AEX was overall down. At this speed we will quickly reach our first resistance zone and there we will have to test and see if we can get enough volume to push this higher.
Again a good example why you should never panic sell because a lot can happen in just a few days.
Trade active:
Good day for the 2 biggest Dutch banks. First major resistance coming up.
Good day for the 2 biggest Dutch banks. First major resistance coming up.
Trade closed manually:
Was able to take a nice profit here, and although there is still room to go up further I decided I want to de-risk and take profit here. Will look for new entry positions as this trend unfolds, but happy to take a break and sit on the sidelines for a bit.
Was able to take a nice profit here, and although there is still room to go up further I decided I want to de-risk and take profit here. Will look for new entry positions as this trend unfolds, but happy to take a break and sit on the sidelines for a bit.
We are still in a bullish setup where the MACD is tightening and we see potential to break out of this red triangle by the middle of next week.