ABN new upward momentum!A lot of bad press around ABN + covid19 made people dump the stock massively in March and it has been undervalued ever since. It did not enjoy the steady recovery other stocks made after the march correction, making it a prime candidate for investment.
This Dutch bank is very well funded and healthy, large dutch gov. share + oversight (25%+) in the bank also helps.
The bad news cycle will pass and then we will see it back around it's old value of around 15-16 euro.
There was a long accumulation zone around 5.8-6.4 euro past weeks which some traders took advantages of (I hesitated too long).
ABN has done about 70% gain in the past 24 days officially breaking from it's downward trend and establishing a new upward channel.
With a poke through the 9,37 euro resistance yesterday, (8th June Monday) reaching 9,5 it showed it can move higher still.
We now see an expected pullback to the bottom of the channel,and bounces off that bottom nicely. If it goes for another poke through the ceiling in the next couple of days, we might see 10,2-10,4 eur before it makes another pullback.
9june -------Trade active, next target: 10.2-10.4---------------
Disclaimer:
trade safe, I am in no way a professional trader, just sharing my idea helps me improve myself, it's not meant as stock advice for you to trade on.
