- Key support at $9.36 holds firm despite apparent early break
- Deutsche Bank looks below $9.36 (10 day Simple Moving Average) as signpost for new negative trend
Over the last 5 days, Deutsche Bank has fallen 3.98%. Yesterday's session continued down the same path: Deutsche Bank dropped 1.57% early on and traded close to the $9.41 level.
Having set a significant low of $7.4 a month ago, Deutsche Bank is trading 29.19% higher.
Deutsche Bank AG made an initial break below its 10 day Simple Moving Average at $9.36, a possible indication of a forthcoming negative trend. Despite this, Deutsche Bank could begin to recover as it approaches significant support, now 5 cents away from $9.36. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Deutsche Bank to extend its recent losses.
Fundamental indicators – United States ISM Non-Manufacturing PMI (Oct) released yesterday at 14:00 UTC with a figure of 54.4, while the previous figure was 56.7.
Deutsche Bank was not the only decliner in the financials sector; Visa Inc. went down to $194.75, losing 3.09% after it closed at $200.95 yesterday. The Blackstone Group Inc. went down 4.68%, closed at $92.35. Mastercard lost 3.33% yesterday and closed at $309.17.
Upcoming fundamentals: projections for United States Non Farm Payrolls are set for a continuation of decline with 200,000 while previous data was 263,000; data will be released today at 12:30 UTC.