ING Groep Shares Surge 3.34% to €23.80 in Sixth Straight Gain Amid Bullish Momentum

ING Groep shares advanced 3.34% to €23.80 in the latest trading session, marking the sixth consecutive gain with a cumulative rise of 6.01% over this period. The stock's recent momentum underscores a strong bullish phase, and the following technical analysis evaluates key dynamics shaping its trajectory.
Candlestick Theory
Recent candlestick patterns reveal a decisive bullish breakout, with the six-day rally characterized by higher highs and higher lows. The most recent large white candle (July 23, open: €23.31, close: €23.80) confirms buying conviction after breaching the near-term resistance at €23.25 (July 9 high). Immediate support now solidifies near the €22.40–22.50 zone, aligned with the July 15–17 consolidation low. Resistance is evident at the year-to-date high of €23.82, with a sustained close above this level potentially opening the path to psychological resistance near €24.00.
Moving Average Theory
The short-to-long-term moving averages exhibit a bullish alignment, reinforcing the uptrend. The current price (€23.80) trades comfortably above the 50-day, 100-day, and 200-day SMAs. Critically, the 50-day SMA recently crossed above the 200-day SMA (a "Golden Cross"), signaling robust long-term momentum. Such configuration suggests underlying strength, with the 50-day SMA (approximately €21.50) acting as primary dynamic support during pullbacks.
MACD & KDJ Indicators
The MACD histogram shows widening bullish momentum, with the MACD line maintaining a solid position above the signal line since early July. Concurrently, the KDJ oscillator registers overbought territory (K: 88, D: 83), reflecting extreme near-term buying pressure. While historically such conditions precede minor consolidations, the lack of bearish divergence and strong volume support reduces immediate reversal probability.
Bollinger Bands
Volatility expansion is evident as price rides the upper Bollinger Band (20-day SMA: €23.10, upper band: €23.90). The band width has increased by 25% during the six-day rally, signaling strong directional conviction. A sustained position above the upper band, while technically extended, may denote continuation in strong trends, though mean-reversion toward the 20-day SMA could emerge if volume subsides.
Volume-Price Relationship
Volume dynamics validate the recent breakout, with July 23 turnover (5.88 million shares) surging 75% above the 30-day average. This distribution confirms buyer commitment to new highs. The rally’s consistency—supported by steadily rising volume on up days (July 16–18) and contracting volume during minor pullbacks (July 14–15)—enhances the uptrend’s credibility. Sustainability now hinges on volume persistence above the 3.5-million-share average.
Relative Strength Index (RSI)
The 14-day RSI reads 73, breaching the overbought threshold (>70) for the first time since April. While typically cautionary, the RSI’s "bullish range" behavior in uptrends permits extended readings. Divergence is absent against price action, implying momentum remains intact. A decisive break above 75 may reinforce bullish control, whereas failure could signal consolidation near €23.00.
Fibonacci Retracement
Applying Fibonnacci levels to the primary swing low (€16.58 on December 3, 2024) and swing high (€23.82 on July 23, 2025) highlights key retracement zones. The 23.6% level (€22.11) aligns with the July support cluster (€22.40–22.50), reinforcing its technical significance. A retest of this level during pullbacks could attract buyers. The 38.2% level (€21.05) remains a critical floor, coinciding with the 100-day SMA and the May–June consolidation range.
Confluence and Divergence Observations
Notable confluence exists at €23.25 (prior resistance, now support) and the 50-day SMA near €21.50, where Bollinger Band midlines, Fibonacci levels, and volume-based demand zones converge—likely strengthening these areas against declines. However, KDJ’s overbought reading diverges mildly from RSI and MACD momentum, suggesting short-term exhaustion risk. This anomaly warrants monitoring but does not invalidate the broader uptrend amid aligned volume, moving averages, and breakout confirmation.
In summary, ING Groep exhibits robust bullish momentum with technical strength across multiple indicators. While near-term consolidation may emerge due to overextended oscillators, the breakout confirmation, volume validation, and moving average alignment suggest dips toward €23.25–23.50 could present accumulation opportunities. Traders should watch for sustained closes above €23.82 for extended upside, with breach of €22.40 negating the short-term bullish thesis.