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| 7/14/99 ING Groep NV (ING)
Points to watch: ING has settled into a very narrow trading range over the past 2 months, with an upper bound at 55.43 (the 200 day moving average), and a lower bound at 53.06 (the 50% retracement of the stock's 10/5-1/6 rally). The 50% retracement level also provided support in February and March. ING closed just below the 53.06 support mark yesterday at 52.63, and technical indicators continue to weaken. Weekly RSI and daily RSI are both declining, and daily MACD remains on the sell signal given on May 19th. Additional weak downside support is at 51.5. We would wait for the stock to move below 51.5 before selling or shorting the stock, with a first downside target of 47. If the stock holds support, a breakout above resistance at 55.43 would be a buy signal.
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