- Deutsche Bank could slow down as it approaches resistance at $10.73
- Despite adding 5 cents today, Deutsche Bank ventured below $10.56 (10 day Simple Moving Average) in earlier trade
While in the midst of a 4 day downtrend, losing a total of 1.67% (23 cents), A possible reversal detected from yesterday; after dipping down to $10.34, Deutsche Bank regained earlier losses, closing higher at $10.63.
The stock has been trending positively for about a month. Deutsche Bank hit a significant low of $7.4 around 2 months ago, but has since recovered 42.97%.
Despite posting gains on yesterday, Deutsche Bank AG slid below its 10 day Simple Moving Average at $10.56 during the last session — an early indicator that a negative trend could be emerging. Deutsche Bank could be slowing down soon; it is getting close to the resistance line and is now at $10.73, only 10 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Deutsche Bank is likely to reverse course and start pointing down in the short term.
Fundamental indicators – highly important Crude Oil Inventories data from United States beat analyst expectations of -2.76 million with a reading of -12.58 million.
A look at other financials stocks also showed bullish price action as Visa Inc. was up 3.8%. Mastercard was up 3.87%. Morgan Stanley was up 2.18%.
Upcoming fundamentals: United States Core PCE Price Index (MoM) (Oct) is expected today at 13:30 UTC.