- Price action backs away from resistance at $8.61 despite bullish mood
- Known Fib level $8.52 serving as battleground for bulls and bears
Deutsche Bank is on a 5 day bullish run gaining 88 cents (13.04%). Yesterday's session pointed in the same direction — Deutsche Bank closed at $8.41 yesterday after ranging between $8.38 and $8.55.
Deutsche Bank is now trading 12.43% above the significant low ($7.4) it slumped to 18 days ago.
Despite posting gains on yesterday, Deutsche Bank AG slid below its 50 day Simple Moving Average at $8.45 during the last session — an early indicator that a negative trend could be emerging. Although Deutsche Bank is appreciating today after rising as high as $8.55, price action is now slowing and consolidating around 20 cents below the $8.61 resistance level. In contrast, Deutsche Bank formed a session range of $8.38 to $8.55 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $8.52.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Deutsche Bank is set for a reversal in the coming days.
Fundamental indicators – United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
This rally in Deutsche Bank's share price coincided with other financials stocks as JP Morgan Chase gained 4.2%, as it traded at $115.86. Bank of America added 6.06% to its value, and traded at $33.62. HSBC Holdings gained 3.87%, as it traded at $26.82.
Upcoming fundamentals: tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.55 million from the preceding figure of 9.88 million.